August 8, 2019 / 9:08 AM / 10 days ago

Australian gaming watchdog announces inquiry for Crown Resorts-Melco deal

Aug 8 (Reuters) - Australia’s New South Wales liquor and gaming regulator on Thursday announced an inquiry into Melco Resorts & Entertainment’s proposal to buy a stake in Crown Resorts from casino mogul James Packer.

Apart from the deal, the watchdog said it will also look into “various matters raised in recent media reports” from local news outlets.

Melco said in late May that it would buy a 20% stake in Australia’s Crown Resorts from Packer’s investment company, CPH Crown Holdings, for A$1.76 billion ($1.19 billion).

$1 = 1.4747 Australian dollars Reporting by Devika Syamnath in Bengaluru

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