Melco Resorts & Entertainment Limited Purchases 19.99% Stake in Crown Resorts Limited from CPH Crown Holdings Pty Limited
May 30 2019 - 6:01AM
Melco Resorts & Entertainment Limited
(“
Melco”) today announced that on May 30, 2019, it
executed a definitive purchase agreement through which a subsidiary
of Melco will acquire 135.35 million shares of Crown Resorts
Limited (“
Crown”) from CPH Crown Holdings Pty
Limited (“
CPH”) for a price of AUD13.00 per Crown
share. These shares represent an ownership interest of
approximately 19.99% in Crown. The transaction will close in
two equal tranches on June 6, 2019 and on or prior to September 30,
2019.
While the announced transaction does not require regulatory
approval to be consummated, Melco, its Chairman and Chief Executive
Officer, Lawrence Ho, and select Melco executives will promptly
submit applications to the gaming regulatory authorities in each of
Victoria, Western Australia, New South Wales and any other relevant
jurisdictions. Following approval from these authorities,
Melco intends to pursue board representation on Crown’s board of
directors commensurate with its ownership position.
Additionally, subject to obtaining requisite regulatory approvals,
Melco welcomes the opportunity to increase its ownership in Crown.
Mr. Lawrence Ho, Chairman and Chief
Executive Officer of Melco Resorts &
Entertainment, said, “I view Melco’s investment in
Crown as an incredible opportunity to purchase a strategic stake in
what I believe to be Australia’s premier provider of true
integrated resort experiences. Crown’s Resorts in Perth and
Melbourne are world class entertainment destinations and I believe
that Crown Sydney, much like Melco’s Morpheus property, will create
an architectural icon for the city, the country and the
world. In addition, Crown’s UK assets have qualities that are
second to none. Like Melco, Crown is a leader in creating new
and exciting luxury and entertainment experiences for its
guests. We also both strive to be a leader in the communities
in which we do business both through CSR work and helping to drive
tourism and the local economy. Put simply, we share a similar
core DNA with respect to how we view our businesses. In
addition, I personally know the management at Crown and look
forward to working with them to further enhance both Crown’s
performance and development in Australia and the appeal of Crown’s
properties to international patrons.”
Safe Harbor Statement
This press release contains forward-looking statements. These
statements are made under the “safe harbor” provisions of the U.S.
Private Securities Litigation Reform Act of 1995. Melco
Resorts & Entertainment Limited (the
“Company”) may also make written or oral
forward-looking statements in its periodic reports to the U.S.
Securities and Exchange Commission (the “SEC”), in
its annual report to shareholders, in press releases and other
written materials and in oral statements made by its officers,
directors or employees to third parties. Statements that are not
historical facts, including statements about the Company’s beliefs
and expectations, are forward-looking statements. Forward-looking
statements involve inherent risks and uncertainties, and a number
of factors could cause actual results to differ materially from
those contained in any forward-looking statement. These factors
include, but are not limited to, (i) growth of the gaming
market and visitations in Macau and the Philippines,
(ii) capital and credit market volatility, (iii) local
and global economic conditions, (iv) our anticipated growth
strategies, (v) gaming authority and other governmental
approvals and regulations, and (vi) our future business
development, results of operations and financial condition. In some
cases, forward-looking statements can be identified by words or
phrases such as “may”, “will”, “expect”, “anticipate”, “target”,
“aim”, “estimate”, “intend”, “plan”, “believe”, “potential”,
“continue”, “is/are likely to” or other similar expressions.
Further information regarding these and other risks, uncertainties
or factors is included in the Company’s filings with the SEC. All
information provided in this press release is as of the date of
this press release, and the Company undertakes no duty to update
such information, except as required under applicable law.
About Melco Resorts & Entertainment
Limited
The Company, with its American depositary shares listed on the
NASDAQ Global Select Market (NASDAQ: MLCO), is a developer, owner
and operator of casino gaming and entertainment casino resort
facilities in Asia. The Company currently operates Altira
Macau (www.altiramacau.com), a casino hotel located at
Taipa, Macau and City of Dreams
(www.cityofdreamsmacau.com), an integrated urban casino resort
located in Cotai, Macau. Its business also includes
the Mocha Clubs (www.mochaclubs.com), which comprise the
largest non-casino based operations of electronic gaming machines
in Macau. The Company also majority owns and operates Studio
City (www.studiocity-macau.com), a cinematically-themed integrated
entertainment, retail and gaming resort in Cotai, Macau.
In the Philippines, a Philippine subsidiary of the Company
currently operates and manages City of Dreams Manila
(www.cityofdreams.com.ph), a casino, hotel, retail and
entertainment integrated resort in the Entertainment City complex
in Manila. For more information about the Company, please
visit www.melco-resorts.com.
The Company is strongly supported by its single largest
shareholder, Melco International Development Limited, a
company listed on the Main Board of The Stock Exchange of Hong
Kong Limited and is substantially owned and led by
Mr. Lawrence Ho, who is the Chairman, Executive Director and
Chief Executive Officer of the Company.
For investment community, please
contact:Richard HuangDirector, Investor RelationsTel: +852
2598 3619Email: richardlshuang@melco-resorts.com
For media enquiries, please contact: Chimmy
Leung Executive Director, Corporate Communications Tel: +852
3151 3765 Email: chimmyleung@melco-resorts.com
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