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Gambling titan Lawrence Ho will give more than $800million to James Packer as he buys a massive stake in the troubled casino magnate's Crown Resorts.

The Hong-Kong based businessman will transfer $880million on Thursday, as the first installment of the agreed $1.76billion for a 19.99 per cent share in the casino, The Australian reported.

Mr Ho will buy almost half of the billionaire's shares in the company, after Mr Packer failed to secure a $10billion deal with Las Vegas Casino empire Wynn Resorts.

Wynn's attempt to take over the hotel and casino complexes in Melbourne, Perth and the project in Sydney was leaked in April, and caused negotiations to come to an abrupt halt. 

Gambling titan Lawrence Ho (right, with wife Sharen) will give more than $800 million to James Packer (left) as he buys a massive stake in the troubled casino magnate's Crown Resorts

Mr Ho will buy almost half of the billionaire's shares in the company, after Mr Packer failed to secure a $10 billion deal with Las Vegas Casino empire Wynn Resorts

Macau-based entertainment company Melco Resorts & Entertainment's Mr Ho swooped in and an offer was accepted in as little as three weeks.

The pair met in 2004 and have a long business history together with Mr Lawrence even calling his billionaire counterpart his 'brother'. 

In 2006, the pair succeeded in taking the last available Macau casino licence, on China's south coast, from Wynn for a hefty USD$900million. 

The project hit hard times in 2008 when the global financial crisis struck, but both Mr Ho and Mr Packer, who have inherited relentless traits from their famous fathers, continued on. 

There persistence paid off and in 2015 they were able to open a second project named Studio City.

But Packer sold his shares in Melco Crown in 2016 after 19 Crown staff members were arrested in China.

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Share Almost three years later the pair are back in partnership, and Mr Ho has described working with James again as one of the 'greatest moments' of his life.

Though critics have been sceptical of the deal, with Mr Ho's father steeped in past controversy.

Stanley Ho, 97, built more than 15 casinos and amassed a $HK50billion (AUD$9 billion) fortune.

His casino empire put Macau back on the map after he won the city's first gambling licence in the 1960s, and built his first casino of many. 

He slowly began transforming the former Portuguese trade colony into a Asian version of Las Vegas. Locals now describe him as the 'King of Macau' and 'King of Gambling'.

The casino giant only stepped back from the family business last year, though not before the US state's gaming authority alleging he was linked to associates of the Triads - the local term for mafia-style criminals. 

'Brothers for life': James Packer and long-time business associate Lawrence Ho pictured above with Ho's wife Sharen and Packer's now-ex Mariah Carey 

Mr Ho and Mr Packer met in 2004 and have a long business history together with Mr Lawrence even calling his billionaire counterpart his 'brother'

In 2006, the pair succeeded in taking the last available Macau casino licence, on China's south coast, from Wynn for a hefty USD$900 million 

He told the South China Morning Post in 2000: 'These reports only say that I know some triad members. 

'Well, maybe you have come across some. To be associated with or to know someone is completely different (from being one).'    

His son Lawrence has publicly distanced himself from his father and has remained optimistic about his purchase in the Crown Resort. 

Once the share sale is completed, Consolidated Press Holdings - Mr Packer's private investment company - will own about 26 per cent of Crown, worth about $2.3 billion, and will remain represented on the Crown board.

Mr Packer said Crown was a stronger company with Melco as a strategic shareholder.

'Crown has been a massive part of my life for the last 20 years and that absolutely remains the case today - my continuing Crown shareholding represents my single largest investment,' Mr Packer said of the deal.

'I am still vitally interested in Crown's success as a world-class resort and gaming business. The sale allows me to continue my long term involvement with Crown and at the same time to better diversify my investment portfolio.'

The gaming tycoon said he would be looking to 'diversify his investments' following the sale. 

Mr Packer said Crown was a stronger company with Melco as a strategic shareholder (stock image)

Wynn's attempt to take over the hotel and casino complexes in Melbourne, Perth and the project in Sydney (pictured) was leaked in April, and caused negotiations to come to an abrupt halt

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