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UPDATE 1-Melco Resorts to buy 20% stake in Australia's Crown Resorts for $1.22 bln

$1.22 bln@ (Adds details, background on Wynn's offer)

May 30 (Reuters) - Melco Resorts & Entertainment Ltd said on Thursday it would buy a 19.99% stake in Australia's Crown Resorts Ltd for A$1.76 billion ($1.22 billion), nearly two months after its buyout talks with Wynn Resorts fell through.

Melco intends to seek board representation if its stake purchase gets regulatory approval in Australia. The Asia-focused casino operator's offer represents a marginal premium of 0.6% to Crown's last closing price of A$12.92.

Melco said it "welcomes the opportunity to increase its ownership in Crown."

Crown Resorts was not immediately available for comment after market hours.

Wynn, the world's No. 2 casino operator, scrapped preliminary talks to buy Crown for A$10 billion in early April after a local media report revealed that the two parties were in talks.

Crown Resorts later confirmed that the confidential talks were ongoing and that Wynn had offered A$14.75 per share.

Thereafter, Wynn issued two statements - the first one to confirm the talks, but the second one, issued few hours later, said they had ended the talks.

($1 = 1.4436 Australian dollars) (Reporting by Nikhil Kurian Nainan in Bengaluru; Editing by James Emmanuel)