James Packer Selling Crown Casino
James Packer Selling Crown Casino Buffet
Australian businessman James Packer might have to sell down an interest in the casino for Crown to retain the licence and be able to operate it, says Sky News Political Editor Andrew Clennell.
Mr Packer has faced an inquiry into Crown Casino which has investigated allegations of money laundering and links to organised crime.
“Having fought so hard to get Sydney's second casino built and approved by the NSW government, it does look like no matter what the inquiry into the license finds, Packer will be selling,” Mr Clennell said.
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The inquiry was called last year after media allegations against Crown and James Packer’s decision to sell 19.9 per cent of his Crown shares to Hong Kong businessman Lawrence Ho. But the deal has since been scrapped, with Mr Ho selling out of his stake in Crown.
- Australian businessman James Packer might have to sell down an interest in the casino for Crown to retain the licence and be able to operate it, says Sky News Political Editor Andrew Clennell.
- He was going to unveil a $2.2 billion Crown hotel and casino complex in Barangaroo, but he’s just sold almost half of his stake in Casino resorts. A whopping $1.76 billion worth. James' father Kerry Packer was an Australian media tycoon. He died in 2005 and at the time of his passing was the richest man in the country.
- James Packer has sold almost half his stake in Crown Resorts for nearly 2 billion dollars. James Packer will relinquish half of his holdings in Crown, as a US resorts company makes a move. Melco Resorts announced on Thursday it will purchase a 19.9 per cent stake of Crown from Packer's Consolidated Press Holdings for the sum of $1.76 billion.
“The billionaire has already made moves to sell down stock to Wynn Resorts previously'.
The businessman revealed to the inquiry that he has bipolar disorder and is on strong medication that's affecting his memory.
“His mental health troubles means he just wants to get out of the limelight ... just an extraordinary situation given the lobbying efforts of five years ago to get that casino built,' Mr Clennell said.