Crown – Packer Sell Down

Melco has agreed to purchase 19.99% of Crown Resorts at A$13.00 in two equal tranches on 6 June 2019 and on or prior to 30 September 2019.

The stock is being purchased from the Packer holding.

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Melco’s price implies 10x EBITDA for the Perth & Melbourne casinos. It implies about $1.7bn for the Sydney casino which has a net build cost of $1.5bn.

Buy Crown at $12.30

 

 

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