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Crown takes another step back from Macau

AAP logoAAP 15/12/2016

A look at Crown's foray into the Macau gambling market:

* Crown and Melco International Development form joint-venture Macau gaming company Melco Crown Entertainment in November 2004.

* The MCE joint venture opens City of Dreams casino in June 2009, followed by Studio City in October 2015.

* Crown reduces its exposure to the weakening Macau gambling market in May 2016, cutting its MCE stake from 34.3 per cent to 27.4 per cent. James Packer steps down as MCE co-chairman and becomes deputy chairman.

* Crown announces in June 2016 plans in to spin off its investments in the troubled joint-venture casinos in Macau.

* Chinese authorities detain 18 Crown employees in October 2016 as the government cracks down on gambling in a bid to stem the flow of money out of mainland China.

* Crown again reduces its stake in MCE in December 2016, taking it to 14 per cent, scraps the demerger plans, and James Packer quits the MCE board.

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