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Packer Cuts Macau Stake, Stoking Crown Buyout Speculation

Australia's Crown to reduce Melco stake to 27% from 34%
Packer to resign as Macau operator's co-chair after stake sale

Billionaire James Packer.
Photographer: Justin Chin/Bloomberg

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By Angus Whitley and Daryl Loo

May 4, 2016 at 12:31 PM UTC

Updated on

May 5, 2016 at 2:27 AM UTC

This article is for subscribers only.

Crown Resorts Ltd., the gaming company of James Packer, sold an $800 million stake in its Macau venture after a two-year downturn in the world’s largest casino hub, fueling speculation the billionaire is preparing to buy back some assets in Australia.

Crown is selling the shares back to Melco Crown Entertainment Ltd., cutting its stake in the company to 27 percent from 34 percent. Packer will resign as co-chairman of Melco Crown and become deputy chairman, the Hong Kong-based company said late Wednesday.