James Packer sells half of his stake in Crown Resorts for $1.76bn

James Packer has sold almost half his stake in Crown Resorts to Macau-based Melco Resorts and Entertainment for $1.76 billion.

The sale price comes in far less than the planned $10 billion merger with Las Vegas based Wynn Resorts that ended abruptly when news got out of the proposed deal.

“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,” Packer said in a statement.

“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.”

Packer’s private investment company Consolidated Press Holdings will own about 26 per cent of Crown, worth about $2.3 billion, and will remain represented on the Crown board.