• About Us
  • The Team
  • Advertise with Us

The latest news on the gaming industry in Asia

() () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () ()
  • Home
  • Macau
  • Philippines
  • Singapore
  • Japan
  • Rest of Asia
  • World
  • Features
  • Industry Talk
  • Trends & Tech
  • follow
    • Facebook
    • Twitter
    • RSS Feed
    • LinkedIn

Crown completes exit from Melco Resorts

May 16, 2017 Newsdesk Latest News, Macau, Top of the deck, World  


Crown completes exit from Melco Resorts

Australia-based casino operator Crown Resorts Ltd has completed the disposal of its remaining stake in Melco Resorts and Entertainment Ltd, the Australian firm said on Tuesday. As a result, “Crown Resorts no longer holds an interest in Melco Resorts,” the company said in a filing to the Australian Securities Exchange.

Crown Resorts’ sole remaining nominee director in Melco Resorts, Robert Rankin, has resigned as a non-executive director of the Asian firm.

Melco Resorts announced in early May that it would repurchase Crown Resorts’ remaining shareholding in the firm, using the proceeds from an offering of American depository shares and ordinary shares and backed by several investment banks.

Crown Resorts had previously said that it expected to generate net proceeds of approximately US$987 million from the disposal of its remaining stake in Melco Resorts. The Australian firm said it would use the proceeds to reduce debt.

On Monday, Melco Resorts Finance Ltd – a unit of Nasdaq-listed Melco Resorts – announced it would conduct an international offering of senior notes due 2025. The net proceeds of the offering will be used to fund the redemption of all of Melco Resorts Finance’s outstanding senior notes due 2021.

Melco Resorts – which owns and operates casino properties in Macau and in the Philippines – said it would not be a guarantor of the new notes to be offered by its subsidiary. The interest rate and other terms of the new notes will be determined at the time of pricing of the offering, the firm said.


  • tweet
Related articles
  • Former Melco partner Crown unsuitable for Sydney casino
    Former Melco partner Crown unsuitable...

    Feb 09, 2021  

  • Studio City may seek fresh liquidity says research firm
    Studio City may seek fresh liquidity...

    Jan 28, 2021  

More news
  • Macau VIP challenged by changes in China: Galaxy Ent boss
    Macau VIP challenged by changes in...

    Feb 25, 2021  

  • Ainsworth US$40mln half-year loss on impairment charge
    Ainsworth US$40mln half-year loss on...

    Feb 25, 2021  


Latest News

Macau VIP challenged by changes in China: Galaxy Ent boss

Macau VIP challenged by changes in China: Galaxy Ent boss

Feb 25, 2021  

Macau casino operator Galaxy Entertainment Group Ltd plans to stengthen its focus on the mass and premium mass segments of the gaming market, as the city’s VIP sector is likely to be challenged by...
Read More
Ainsworth US$40mln half-year loss on impairment charge

Ainsworth US$40mln half-year loss on impairment charge

Feb 25, 2021  

Galaxy Ent 4Q EBITDA up 207pct sequentially: firm

Galaxy Ent 4Q EBITDA up 207pct sequentially: firm

Feb 25, 2021  

Sign up to our FREE Newsletter

UB8V5.qr.16(Click here for more)

Partners

Pick of the Day


US$129.0 million

Adjusted EBITDA reported by Macau casino operator Galaxy Entertainment for the fourth quarter of 2020



Most Popular

  • Macau casino GGR soared in final days of CNY: brokeragesMacau casino GGR soared in final days of CNY: brokerages February 23, 2021
  • Pansy Ho sells off more stock in MGM Resorts for US$36mlnPansy Ho sells off more stock in MGM Resorts for US$36mln February 23, 2021
  • Macau removes last mainland cities from its quarantine listMacau removes last mainland cities from its quarantine list February 23, 2021
  • GEG in US$1.6bln construction deal on Galaxy Macau Phase 4GEG in US$1.6bln construction deal on Galaxy Macau Phase 4 February 22, 2021
  • Caesars out of Korea, ex-partner R&F asks 3yr delayCaesars out of Korea, ex-partner R&F asks 3yr delay February 19, 2021
Copyright 2014-2020 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us