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Melco Delays $1.2 Billion Crown Deal in Latest Blow to Packer

Aug. 28, 2019, 1:44 PM

Melco Resorts & Entertainment Ltd. is delaying its planned $1.2 billion investment in Crown Resorts Ltd. due to Australian regulatory investigations in what is another setback for beleaguered billionaire James Packer.

The Macau-based casino operator said in a statement Aug. 28 that it would not stick to the timeline for its planned acquisition of 20% in Crown, and instead wait until 60 business days after the completion of the “relevant Australian regulatory processes” before proceeding. It also won’t proceed if the regulatory investigations end up placing any restrictions or conditions on the deal that it considers unreasonable, the statement said....

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