Feb 6 (Reuters) - Melco Resorts & Entertainment Ltd MLCO.O
said on Thursday it has shelved plans to raise its stake in
Australia's Crown Resorts Ltd CWN.AX as the coronavirus
outbreak in China forces the casino operator to rethink its
non-core investments.
The U.S.-listed casino operator said it would not go ahead
with the second tranche of a planned purchase of about 20% of
Crown from casino mogul James Packer for a total of A$1.76
billion ($1.19 billion).
Melco, which currently holds 9.99% in Crown Resorts, also
abandoned plans for a seat on Crown's board.
The rapid outbreak of the coronavirus has killed more than
560 and infected over 28,000, with airlines cancelling flights
and companies closing factories and stores in China.
Earlier this week, Macau, the world's biggest gambling hub,
ordered all casino operators to suspend operations for two
weeks. The Chinese territory has confirmed at least 10 cases so
far. The company will now focus on Macau, the Philippines and
Cyprus and will still seek a casino license in Japan, Melco said
in a regulatory filing.
Crown Resorts was not available for comment outside normal
business hours.
($1 = 1.4846 Australian dollars)