Melco Resorts, Crown Resorts to end partnership after more than a decade

May 10, 2017 9:14 AM

Casino developers and operators Melco Resorts & Entertainment, now rebranded from Melco Crown, and Crown Resorts announced today that they will end their partnership after more than a decade. 

The joint venture ceases as Crown sells the final portion of its stake in the two companies’ joint venture. The Australian casino giant said in a stock exchange statement that it would receive A$987 million from sale and the money will be used to reduce its net debt. 

Crown had originally owned a 34.3% stake in the Melco Crown Entertainment cooperative venture.