Crown uses share proceeds to reduce debt

Australia-listed Crown Resorts says it intends to initially use the proceeds of its A$1.34 billion (US$987 million) share sale to reduce net debt.

The casino operator on Tuesday announced to the Australian Stock Exchange that it had agreed to sell all 165.3 million ordinary shares (11.2 percent of total shares) in Melco resorts for a price of US$7.04 per share.

Upon completion of the transaction, which is expected to occur on May 15, 2017, Crown Resorts will no longer hold any shares in Melco. The move also nullifies any shareholder arrangements between Melco International Development Ltd and Crown Resorts Ltd, including the joint venture arrangements for the Japan market.

Crown’s sole remaining nominee director, Mr. Robert Rankin, will resign as a non-executive director of Melco.

More news from this jurisdiction

Australia, ElsewhereMonday, May 22, 2017

Casino operator Crown Resorts is exiting the Las Vegas market, selling its 35-acre parcel of prime real estate on the Las Vegas Boulevard.

AustraliaThursday, May 18, 2017

Ladbrokes Australia has signed a three-year deal to become the official online betting partner of the PGA of Australia.

AustraliaWednesday, May 17, 2017

Organizers of the Australasian Gaming Expo has announced today a program of complimentary seminars that will be run over the course of the first two days of AGE 2017.

AustraliaTuesday, May 16, 2017

Australian lottery giant Tatts Group Ltd has acquired a 15 percent stake in internet lotteries business Jumbo Interactive Ltd for A$15.7 million, according to a filing from Tatts last week to the Australian Stock Exchange.

Macau, AustraliaWednesday, May 10, 2017

MGM co-chairman Pansy Ho has reiterated the need for gaming companies to diversify given mainland China’s anti-gambling stance.

AustraliaTuesday, May 09, 2017

Gaming, Racing & Wagering Australia (GRWA) will return on 14-16 August 2017 after a successful showing in 2016.

AustraliaWednesday, May 03, 2017

ClubsNSW has warned that the potential Tabcorp-Tatts merger could “kill off” digital wagering competition and increase the price of racing vision.