Crown Resorts Sells 13.4% Stake in Melco Crown

Crown Resorts cut its stake in Melco Crown for the second time this year
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Melco Crown Entertainment's (MPEL) founding shareholders announced they are selling a 13.4% stake in the company, less than a year after dumping a 7% stake in the macau-based company. Crown Entertainment still holds a 14% stake in Melco Crown, and the sale of 66 million Melco ADRs are expected to net the company $1.6 billion. Earlier this year, Crown Resorts owned more than 34% of Melco's shares, but in February, the company reduced its stake in the company. In October, the company had trouble in Macau after Chinese officials detained some of its employees for illegally recruiting Chinese gamblers to Australia.