Melco CEO Lawrence Ho Purchased Shares In Crown Resorts Only After A Green Signal From China

Melco CEO Lawrence Ho Purchased Shares In Crown Resorts Only After A Green Signal From China

Recently, Melco Resorts and Entertainment struck a deal with Billionaire James Packer to purchase approximately 20 percent stake Crown Resorts. However, in a recent report from Inside Asian Gaming, it is revealed that Melco Chief Lawrence Ho, got a nod from the Chinese and Macau Government before getting into the $1.22 billion deal.

Referring to an exclusive interview of Mr. Ho, which would be published in the upcoming edition, the gaming magazine quotes him as saying: “I have a regular dialogue [with Beijing] and I’ve had my courtesy talk, and Beijing and Macau were supportive.”

“At the same time, they understand that as a company that’s listed in the US, we’re obligated to do our own thing. But even the couple of quiet talks we had were supportive.”

James Packer, a billionaire businessman who owned the majority stake in Crown Resorts, was planning to sell his stakes in the company after he distanced himself from the company’s Board of Directors in March 2018. Packer had mental health issues, and there could not continue with his responsibility as a member of the board.

However, following the deal, the Australian authorities have launched an investigation into Ho’s family and his alleged ties to the 14K and Sun Yee On triad societies in China.

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