Billionaire Packer Cuts Crown Resorts Stake in $338 Million Sale

  • Packer’s Consolidated Press sells 35 million shares in Crown
  • Sale is part of ‘financing and capital management strategy’

Billionaire James Packer sold a A$448 million ($338 million) stake in Crown Resorts Ltd., reducing his ownership of the Australian casino operator to less than 50 percent.

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