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.
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