Australian casino group Crown Resorts has exited its remaining 11.2 per cent stake in its Macau-focused Melco Crown Entertainment joint venture with Melco Resorts for US$1.2 billion.
In a statement to the stock exchange, Crown said it will receive A$987 million (US$732 milion) from the sale and use the proceeds to cut net debt.
Crown reportedly said it will turn its focus back home while keeping options open in Asia. It had originally owned a 34.3 per cent stake in Melco Crown Entertainment and most recently shaved its share down last December.
Eighteen of Crown’s staff were arrested in China last October, allegedly linked to the illegality of advertising overseas gaming in the country, sending Crown’s VIP revenue plummeting.