James Packer sells half of his stake in Crown worth $1.76B to one-time partner Melco – after he was spotted in LA looking noticeably trimmer amid weight-loss surgery rumours
- James Packer has sold almost half his stake in Crown Resorts for $1.76 billion
- Sold to Melco Resorts and Entertainment, headed by his former business partner
- Comes on the same day he was spotted in a Los Angeles park looking trimmer
Australian billionaire James Packer has sold almost half his stake in Crown Resorts for $1.76 billion to a Macau-based entertainment company owned by a former business partner.
Consolidated Press Holdings, Mr Packer’s private investment company, confirmed on Thursday night it had sold 19.99 per cent of its shareholding in Crown Resorts to Melco Resorts and Entertainment, which is headed by Hong Kong casino mogul and his former partner Lawrence Ho.
It was sold for an aggregate purchase price of $1.76 billion, equivalent to $13 per share.
James Packers says Crown will be a stronger company with Melco as a strategic shareholder
The news comes on the same day Mr Packer was spotted strolling though a Los Angeles park looking relaxed and noticeably trimmer than when he was last seen in public, sparking rumours he has recently undergone weight loss surgery.
Once the share sale is completed, CPH will own about 26 per cent of Crown, worth about $2.3 billion, and will remain represented on the Crown board.
Mr Packer said Crown was a stronger company with Melco as a strategic shareholder.
Australian billionaire James Packer appears to have slimmed down amid rumours he underwent more weight loss surgery earlier this year
‘Crown has been a massive part of my life for the last 20 years and that absolutely remains the case today – my continuing Crown shareholding represents my single largest investment,’ Mr Packer said of the deal.
‘I am still vitally interested in Crown’s success as a world-class resort and gaming business. The sale allows me to continue my long term involvement with Crown and at the same time to better diversify my investment portfolio.’
Mr Packer paid tribute to former business partner Mr Ho.
‘Over the last 15 years, Lawrence has built one of the world’s leading resort and gaming companies,’ he said.
‘Melco’s award-winning resorts have set the standard internationally and are a testament to Lawrence’s vision and efforts. Crown is a stronger company with Lawrence and Melco as a strategic shareholder.’
The businessman was spotted strolling through Holmby Park near the UCLA campus in Los Angeles, looking notably trimmer than when he was last seen in public
Australian billionaire James Packer has sold almost half his stake in Crown Resorts
Mr Ho added: ‘I view Melco’s investment in Crown as an incredible opportunity to purchase a strategic stake in what I believe to be Australia’s premier provider of true integrated resort experiences.’
CPH will lodge a Notice of Change in Substantial Holding both with Crown and the Australian Securities Exchange.
Mr Packer appeared to be in good spirits as he strolled through the park with a friend near UCLA.
Mr Packer splits his time between Los Angeles and Aspen, Colorado, and plans to continue to live in the US remain close to his ex-wife Erica and three children Indigo, 10, Jackson, 9, and Emmanuelle, 6.
He has praised girlfriend, Canadian-born socialite Kylie Lim, for helping him through though recent tough times following his bitter break-up with pop star fiancée Mariah Carey at the end of 2016.