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Packer sells Crown Resort $800 million stake in Melco Crown Entertainment

May 9, 2016

Australian gambling and leisure tycoon James Packer has sold an $800 million (£550 million) stake in joint venture Melco Crown Entertainment (MCE). Business news sources report that Packer and his advisors are seeking to limit Crown Resorts’ exposure in the declining Macau casino market. As part of a more conservative strategy Crown Resorts will focus its growth on Australian casino …

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