The coronavirus epidemic has partly derailed James Packer's controversial deal to sell almost twenty percent of his Crown Resorts casino empire to Hong Kong gaming tycoon Lawrence Ho.
In a statement released last night, Mr Ho's Melco Resorts said the company had dumped plans to proceed with the full $1.75 billion purchase from Mr Packer and had walked away from the second $880 million bundle of shares.
Melco has cited "the impact of the coronaviris epidemic, including a severe drop in tourism .. and the recent decision by the government of the Macau special administrative region to close all casinos in Macau."
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Melco's decision to "reassess all non-core investments to be made in 2020" comes as a high stakes inquiry by the New South Wales gaming regulator prepares to scrutinise where the deal breaches a condition of Crown's licence to operate a VIP casino at Barangaroo in Sydney.
In her first broadcast interview since her appointment, I speak with Crown's newly-appointed chairman Helen Coonan about the company's revamped boardroom governance ahead of the inquiry.
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| Crown chairman Helen Coonan and chief executive Ken Barton - supplied by Crown |
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