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Packer increases stake in Crown

Crown Resorts director James Packer upped his stake in the $9 billion gambling company by a further 3 percent taking it to 53.1 percent, the Sydney Morning Herald reported citing market sources.

Bloomberg trading data shows a parcel of 18 million shares changed hands after the market closed at a price of $12.00 each.

The price paid was at a slight premium to Tuesday's close of $11.66 but is just two thirds of the record high of $18 that Crown shares hit in January 2014.

Melco Crown, a joint venture between Crown Limited and Melco International, last month opened its latest property, the $3.2 billion Hollywood-themed Studio City in Macau, which received a lower table allocation than expected from the Macau government. The property also has no VIP gaming.




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