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Business deals

Macao's Melco sells off full stake in Australia's Crown casinos

US private equity group Blackstone pays $359m for 9.99% shareholding

Macau's Melco Resorts & Entertainment has sold off its holdings in Australian casino operator Crown Resorts as casino companies around the world rein in spending to cope with coronavirus shutdowns.   © Reuters

SYDNEY/BENGALURU (Reuters) -- Private equity company Blackstone Group Inc bought a near 10% stake in Australian casino operator Crown Resorts Ltd from Macau's Melco Resorts & Entertainment Ltd, sending Crown shares soaring amid hopes of a buyout.

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