World news – Packer taps Moelis to discuss a possible sale of Crown

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James Packer has announced that he is ready to sell his 37 percent stake in Crown Resorts to US private equity firm Blackstone. Its holding company Consolidated Press Holdings confirms that it has appointed Moelis Australia as advisor on the $ 8 billion indicative offer to the Casino Group.

« CPH welcomes the announcement by the Crown Board that it will initiate a process to evaluate the proposal and also to engage with relevant stakeholders, including regulators

Blackstone, which owns 10 percent of Crown, has taken an opportunistic nosedive while Crown is in the process of putting his house in order after the devastating results of the Bergin investigation into NSW and weeks of royal commission hearings in Victoria and Australia Western Australia.

On Tuesday, Crown Resorts confirmed that Nigel Morrison had formally assumed his position as non-executive director of the company after all necessary regulatory approvals were obtained.

Mr. Morrison’s appointment was announced in late January. Previously, he was Chief Operating Officer of Crown Melbourne Casino and CEO of New Zealand gaming group SkyCity.

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