Melco might be in trouble as it unloads Crown stake at a huge discount
Melco Resorts and Entertainment, widely considered one of the premier gaming companies in the Asian region, might be suffering more than most from the coronavirus pandemic. It has been a rough week for the company after making a fire sale of the company’s stake in Crown Resorts, taking a huge loss as it sold the shares for $5.31 each after purchasing the stake less than a year ago for around $8.50 per share. The casino operator is also reportedly facing a number of changes at the executive level. GGRAsia indicates that it got its hands on a letter sent to Melco employees that indicates that several executives have decided to jump ship amid the COVID-19 outbreak.
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