Melco bails on Crown Resorts stake purchase
Asian casino group Melco Resorts has abandoned plans to up its stake in Australia’s Crown Resorts, blaming the coronavirus epidemic.
It pulled out of a $591million deal to increase its stake to19.99%, citing the fallout from coronavirus.
The gaming industry is currently at a standstill in Macau where Melco has a major presence.
The Macau government ordered all casinos and other entertainment centres to close for two weeks to help curb the spread of the virus.
"As a result of this decision, Melco will not pursue its planned investment in Australia for the second tranche of shares in Crown Resorts Limited. At this time, its capital needs to be deployed on core assets," a Melco statement said.
Melco has been under investigation in Australia by gaming regulators which had held up the transaction for the second tranche of shares.
The father of current CEO Laurence Ho has been the subject of multiple investigations over links with organised crime.
Meanwhile, Wynn Resorts says the Macau casino closure is costing the company about $2.6 million a day.
Wynn has a workforce of more than 12,000 people in Macau.
TravelMole Editorial Team
Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
Vegas’s Billion-Dollar Secrets – What They Don’t Want Tourists to Know
Visit Florida’s New CEO Bryan Griffin Shares His Vision for State Tourism with Graham
Chicago’s Tourism Renaissance: Graham Interviews Kristin Reynolds of Choose Chicago
Graham Talks with Cassandra McCauley of MMGY NextFactor About the Latest Industry Research
Destination International’s Andreas Weissenborn: Research, Advocacy, and Destination Impact
Graham and Don Welsh Discuss the Success of Destinations International’s Annual Conference
Graham and CEO Andre Kiwitz on Ventura Travel’s UK Move and Recruitment for the Role
Brett Laiken and Graham Discuss Florida’s Tourism Momentum and Global Appeal
Graham and Elliot Ferguson on Positioning DC as a Cultural and Inclusive Global Destination
Graham Talks to Fraser Last About His England-to-Ireland Trek for Mental Health Awareness
Kathy Nelson Tells Graham About the Honour of Hosting the World Cup and Kansas City’s Future
Graham McKenzie on Sir Richie Richardson’s Dual Passion for Golf and His Homeland, Antigua
ADS PRO 
TAP Air Portugal to operate 29 flights due to strike on December 11
Qatar Airways offers flexible payment options for European travellers
Airlines suspend Madagascar services following unrest and army revolt
Air Mauritius reduces frequencies to Europe and Asia for the holiday season
Major rail disruptions around and in Berlin until early 2026