Casino mogul James Packer is selling 20% of Australia's Crown Resorts for A$1.76bn .
The stake is almost half of the total 47% owned by billionaire Mr Packer through his private investment firm Consolidated Press Holdings. Buyers Melco Resorts & Entertainment Ltd have indicated they want to increase their stake further, with chief executive Lawrence Ho saying the move was a great opportunity.
Melco owns casinos in Macau and had a joint venture with Crown in the Chinese gambling spot until 2016. It comes after Las Vegas-based Wynn Resorts withdrew its offer to buy Crown when details were leaked to the media in April.Mr Packer told the Sydney Morning Herald he was"thrilled" that Melco, which operates casinos across Asia, had chosen to invest in Crown.Mr Packer resigned as a director of Crown Resorts in March last year, one of a number of business roles he has cut to concentrate on his mental health.