Crown sells remaining stake in Melco

ccording to Melco's official report, upon completion of this offering and repurchase, which is expected to occur on May 15:

• Crown Resorts will no longer hold any shares in Melco;
• The shareholder arrangements between Melco International Development Limited (“Melco International”), our majority shareholder, and Crown Resorts Limited (“Crown”), including the joint venture arrangements for the Japan market, will terminate;
• Crown’s sole remaining nominee director, Mr. Robert Rankin, will resign as a non-executive director of Melco.
• The offering will not have a dilutive effect on the Company’s shareholding and the shareholding of our majority shareholder, Melco International, will remain at 51.2%

Mr. Lawrence Ho, our Chairman and Chief Executive Officer said, “It is with great pride that I look back over the past decade and recognize all that we have achieved in partnership with Crown Resorts at Melco.

This transaction brings to conclusion the world’s most successful global gaming partnership, highlighting our ability to work with partners in both good times and more challenging operating environments.

I would like to personally offer my sincere thanks to Mr. James Packer and Crown Resorts for being a great friend and partner for the past decade.

“Looking forward, I am extremely excited about the Company’s future. Our World-class and dynamic management team and innovative and market-leading integrated resorts place us in an exceptional position to continue our evolution into the leading premium-focused, integrated resort developer and operator in the World.

“Despite our positive history with Crown, I made the strategic decision to terminate the joint venture arrangement and allow Melco to pursue Japan alone. This highlights our confidence in, and commitment to, identifying and evaluating new markets which will drive long term shareholder value while contributing to the development of tourism and delivering other economic benefits for our host cities where we operate. This is highlighted by our decision to develop a World-class, tailor-made integrated resort in Manila, giving us exposure to the fastest growing gaming and entertainment market in the World. Our experience gives us strong confidence to enter new markets by working in concert with local partners."