According to Merrill Lynch analyst Nathan Gee
James Packer would sell stake in Melco Crown
(Australia).- One of Melco Crown’s two major shareholders, Australian-based Crown, may be looking to sell out its stake in the gaming operator, Merrill Lynch analyst Nathan Gee said. Crown holds a 33.4 % stake in Melco Crown.
2011-06-28
Reading time 24 seg
The goal would be for James Packer’s Crown to use the money to fund a move on Echo Entertainment, one its major casino rivals in Australia, Mr Gee said, quoted by The Australian.
“We can’t rule out Crown looking to divest Melco Crown, particularly if the Australian market continues to discount the value of Macau relative to the Melco Crown share price,” Gee said.
Crown is already a minority stakeholder at Echo and has recently said it has no “current” intention of increasing its interest in the company.
“We can’t discount a Crown takeover of Echo, but we think a deal is unlikely until 2012,” Gee said.
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