JAMES Packer's Crown has confirmed the sale of its stake in rival casino operator Echo Entertainment. Crown sold its 82.5 million Echo shares for $264 million overnight, lower than the amount it paid to increase its stake in Echo to 10 per cent in early 2012. The timing of the sale is curious, as Crown received regulatory approval to increase its stake in Echo to 23 per cent earlier this month. No reason has been given by Crown for the share sale. Crown, the owner of Melbourne's Crown casino and the Burswood casino in Perth, wants to establish a high-roller casino as part of its development at Sydney's harbourside Barangaroo site.