Company: Crown Resorts
James Douglas Packer (born 8 September 1967) is an Australian businessman, investor, and philanthropist. Packer is the son of the late media mogul Kerry Packer. James Packer inherited control of the family company, Consolidated Press Holdings Limited, with investments in Crown Resorts, RatPac-Dune Entertainment, Zhoapin Pty Ltd and other companies. He is the former executive chairman of Publishing and Broadcasting Limited (PBL) and Consolidated Media Holdings, which predominantly owned media interests across a range of platforms.
Australian billionaire James Packer has made a small but potentially significant move in the takeover play for Crown Resorts saying he is open to offers for his 37 percent stake in the operator.
Billionaire James Packer plans to abide by the decision of Crown Resorts' board on whether to accept an A$8 billion ($6.2 billion) bid from Blackstone Group, reinforcing the company's negotiating stance.
Various formulas are under consideration to reduce James Packer’s extraordinary influence over the governance of Crown Resorts, although this may not necessarily involve him selling down his 37 percent stake.
A spokesperson for James Packer has reportedly denied that the Australian billionaire met with Sands China Chairman Sheldon Adelson over the New Year holidays. The super yachts of the two casino executives were moored next to each other, triggering speculation.
Crown Resorts issued a release on Tuesday morning clarifying its position on utilizing junkets going forward.
The Parliament of New South Wales may act to limit financial compensation to Crown Resorts in the event that regulators impose restrictions or punishments on the casino firm in response to recent revelations at the ongoing inquiry.
A lawyer for billionaire James Packer has dismissed allegations he had undue influence over Crown Resorts and rejected responsibility for any corporate governance failings.
The New South Wales government should consider banning James Packer from being involved with Crown Resorts' new Sydney casino after revelations he sent a threatening email to a businessman, a suitability hearing heard.
Crown Resorts management faces a nail biting few months as regulators mull the fate of its Barangaroo license in Sydney after lawyers winding up an inquiry into the company found it “unsuitable.”
Billionaire James Packer used his 36 percent share to protect the board of Crown Resorts and to largely save it from immediate accountability in the face of the dissatisfaction of many smaller shareholders.
Crown Resorts has suspended its sharing of confidential information with former director and major shareholder James Packer and his private company in light of his damaging evidence given to the New South Wales casino inquiry.
To say that the Crown Sydney probity hearings haven’t gone well would be an immense understatement. A better description would be “unmitigated disaster.”
Billionaire James Packer has acknowledged that he may be forced to sell off his stake in Crown Resorts for the operator to be able to keep its license for a casino in Sydney.
Testifying before an inquiry in Sydney, former Crown Resorts Chairman James Packer said the amount of profit generated by the company’s VIP business was not worth the risk posed to its employees.
In yet another day of devastating testimony at the New South Wales inquiry into the probity of Crown Resorts, former Chairman James Packer admitted to both a “significant failure” in compliance and “shameful” personal conduct, which he blamed on his own medical condition, bipolar disorder. Testifying by video from his luxury superyacht in the South […]
James Packer insisted on selling a 19.9 percent stake in Crown Resorts to Melco Resorts & Entertainment, while the key executive negotiating the transaction gave “little thought” as to the potential impact on its Sydney license, an inquiry heard.
New South Wales regulators have launched a probe into the sale of a stake in Crown Resorts to Melco Resorts & Entertainment following an investigative news report alleging illegal operations.
The gambling regulator in New South Wales plans to review its 2014 approval for Crown Resorts to build a six-star property in Barangaroo, Sydney, after Macau’s Melco Resorts & Entertainment bought a 19.9 percent stake in the Australian operator, Reuters reports.
During an interview with CNBC’s Christine Tan, Melco Resorts chairman and CEO Lawrence Ho said he “wouldn’t hesitate” to partner with Australian gaming mogul James Packer again should the opportunity arise. The partnership between Melco and Crown, known at the time as Melco Crown Entertainment, ended in May 2017, with Crown exiting its position in […]
Billionaire James Packer has stepped down from the board of Crown Resorts citing mental health problems. “Mr Packer is suffering from mental health issues. At this time he intends to step back from all commitments,” according to a statement from his private company Consolidated Press Holdings. Crown Resorts thanked Packer for his contribution to the […]
Regulators in the state of Victoria are probing allegations relating to the blanking of low-betting option buttons on pokies machines by Crown Resorts’ flagship Melbourne property, which could lead to disciplinary action. The company said its Melbourne unit has received a notice from the The Victorian Commission for Gambling and Liquor Regulation that it had […]
Australian casino operator Crown Resorts on Thursday said it has signed a number of agreements aimed at reducing its debt, including selling its interest in Alon Las Vegas for $300 million. According to a filing from Crown, the company entered into an agreement with a subsidiary of Wynn Resorts on Thursday to sell its 34.6 […]
Gaming mogul James Packer says he has no intentions to expand his gaming empire to Japan, and would rather focus on developing Crown’s flagship casino in Sydney. Speaking to local newspaper, The Australian, Packer said he did not want management “distracted” by participating in any competitive bidding process for an IR in Japan. He also […]
Gambling tycoon James Packer has raised just over $100 million ($77 million) from the sale of subordinated notes in operator Crown Resorts, according to a filing with the Australian Stock Exchange. Consolidated Press Holdings, Packer’s personal holding company and Crown Resort’s major stockholder, sold one million subordinated notes for $101.58 each, the company said. Crown […]
Crown Resorts’ new VIP casino that is planned for Barangaroo in Sydney will not be permitted to operate pokies, even though the high roller market has weakened significantly since the property was first envisaged, local media reports. NSW Premier Gladys Berejiklian said even if James Packer could not lure the clientele he was hoping to […]
The investigation of the 17 Crown Resorts staff in China is looking to last for at least another year, dashing earlier hopes for a speedy trial, local media reports. Last year, China arrested 18 employees from Australia’s Crown Resorts, including the group’s head of international business, for alleged and unspecified gambling crimes. In November, a […]
Crown Resorts chairman Robert Rankin has announced he will be stepping down in February, to be replaced by executive deputy chairman John Alexander. Effective February 1, Mr. Rankin will remain as Crown Resorts Ltd. director, and a director of Melco Crown Entertainment Ltd, according to a filing from Crown Resorts on Tuesday. Mr. Rankin is […]
Crown Resorts Ltd has said that it will not proceed with the 1,100 room hotel casino Alon project on the Las Vegas strip and is considering an outright sale of the project. The announcement came after the company said it was reducing its stake in the Melco Crown Entertainment joint venture to focus more on […]
Crown Resorts’ decision to halve its stake in its Melco Crown Entertainment venture is not a call on the Macau market, but rather a decision to refocus on Australia, analysts say. On Wednesday, Crown said it was cutting its 27.4 percent holding in Melco by selling 13.4 percent to partner Melco International. The Australian company […]
Melco International Development Limited today announced that it has signed a privately negotiated agreement to purchase 198,000,000 ordinary shares, equivalent to 66,000,000 American depositary shares of Nasdaq-listed Melco Crown Entertainment Limited representing approximately 13.4 percent of MCE’s current shares outstanding, from Crown Asia Investments Pty. Ltd., a wholly owned subsidiary of Crown Resorts Limited […]
James Packer’s plan to separate some of Crown Resorts’ domestic assets from its international assets may take longer than the initial nine-month time frame given by chief executive Rowen Craigie in June, local media reports. In June 2016, the casino operator announced it was considering setting up a new listed company to host some of […]
Billionaire James Packer has trimmed his stake in Crown Resorts to less than half, in the latest step of the casino mogul’s Macau interest sell down. According to a report from AFR Street Talk, Packer, via his private investment vehicle Consolidated Press Holdings, sold 35 million shares in Crown Resorts, approximately 4.8 percent of Crown, […]
James Packer’s sell-down of his Macau interest and plan to de-merge his Australian and international casino assets may be indicative of his withdrawal from the Asian gaming hub, says Howard Klein, a consultant for the US gaming industry. “My view is that James has elected to take a step back now as something of a […]
Crown Resorts has received conditional approval for the construction of its Crown Sydney Hotel Resort at Barangaroo South, according to a filing to the Australian Stock Exchange on Tuesday. The NSW Planning Assessment Commission made the call, which includes approval of the modifications to Barangaroo’s concept plan. “This is an extremely important day for Crown,” […]
Australian casino operator Crown Resorts Ltd has announced it is considering setting up a new listed company to host some of its domestic assets to separate it from its international assets. The operator made the announcement in a press release on June 15 – which sets out a number of “major initiatives to enhance shareholder […]
James Packer wants to turn its Queensbridge Hotel Tower into Australia’s tallest building, and connect it to Melbourne’s Crown Casino with a skybridge, local media reports. The $1.5 billion hotel and apartment complex is proposed to rise 323 meters to 90 stories, just slightly higher than Australia’s current tallest building, the 78-floor Q1 tower on […]
Melco Crown Entertainment said it’s buying back shares from its joint venture partner Crown Asia Investments, for about $800.83 million. Melco is buying back 155 million shares from Crown Asia, a unit of Australia’s Crown Resorts. Following the transaction, Crown’s stake will fall from 34.3 percent to 27.4 percent, while the share of Melco […]
James Packer has reportedly held a fresh round of talks with potential partners over the last few weeks regarding the privatization of Crown Resorts, local media reports. However, the deal was not imminent, according to sources quoted by the Sydney Morning Herald. “There are several structures already on the table but there is also […]
Australia-listed Crown Resorts has announced a 18 month delay of its $2 billion six-star development in Barangaroo, Sydney – which will push its opening to 2021, local media reports. “Obviously the delay in the planned opening of Crown Sydney is regrettable,” said Crown chief executive Rowen Craigie quoted by Sydney Morning Herald. “We can’t lodge […]
Crown Resorts Limited reported a net profit of A$205 million (US$147.7 million) for the half year ended Dec. 31, 2015, down 22.1 percent compared to the same period in 2014. The result was impacted by growth in Australian operations and a decline in contribution from Crown’s Macau venture. “The 2016 first half results across […]
James Packer is said to be in talks with US property giant Blackstone Real Estate over a deal involving Crown Resorts’ Australian casinos in Perth, Melbourne and in the future Sydney, according to the Australian Financial Review’s “Street Talk”. In Dec. 2015, speculation circulated that Packer was in talks with a number of private equity […]
Investors in ASX-hybrid securities issued by Crown Resorts have seen unexpected losses, largely as a result of talk James Packer is considering the privatization of the casino operator, the Sydney Morning Herald reports. Crown’s two outstanding listed notes issues have declined by more than 10 percent since Packer considered privatization of the group, the Australian […]
James Packer’s private company, Consolidated Press Holdings says it has no immediate plans take Crown Resorts private following speculation on Wednesday that sent shares in the Australian casino operator soaring. In a statement published by the Australian Securities Exchange, Consolidated Press Holdings said although it occasionally goes into talks with third parties about investments, it […]
James Packer has been in talks with a number private equity firms and pension funds about the possibility of taking his share of the company private, according to local media. However, the $4 billion proposal to privatize Crown Resorts has not yet been presented to Crown’s directors. According to Bloomberg, Packer was looking into the […]
The government of Antigua and Barbuda has helped expedite the development of Australian billionaire James Packer and actor Robert De Niro’s $US250 million Caribbean resort and casino. Named the Paradise Found Bill, the new bill also gives the business partners a 25 year tax holiday. Prime Minister Gaston Browne, a strong supporter of the project […]
Crown Resorts director James Packer upped his stake in the $9 billion gambling company by a further 3 percent taking it to 53.1 percent, the Sydney Morning Herald reported citing market sources. Bloomberg trading data shows a parcel of 18 million shares changed hands after the market closed at a price of $12.00 each. The […]
AGB had the privilege of attending the official launch of Studio City in Macau this week. At the press conference on Monday 26 October, Melco Crown Entertainment (MCE) CEO Lawrence Ho and co-chairman James Packer explained what makes the project special. Co-chairman Lawrence Ho and James Packer were in attendance, alongside Hollywood celebrities Leonardo di […]
Crown Resorts announced that it has acquired a 20 percent ownership interest in the international restaurant and hotel company, Nobu, for $100 million. The other 80 percent will continue to be owned by the existing owners, entities associated with Nobu Matsuhisa, Robert De Niro and Meir Teper. “We see the Nobu brand as complementary to […]
Melco Crown co-chairman James Packer sidestepped confirming the price tag of the 15-minute film/advertisement directed by Martin Scorsese that was screened at the opening of Studio City this week. In an interview with the Los Angeles Times, Packer declined to say whether the film cost $70 million – which is the figure that has been […]
Melco Crown Entertainment’s $3.2 billion Studio City resort opens today with many hoping the cinema-themed attraction will provide the catalyst to revive sagging gambling revenues in Macau. The company says it will be hosting a “once in a lifetime” gala dinner to guests at the opening to serve up a taste of some of the […]
Lenders to Melco Crown’s Studio City face debt renegotiations as the company does not have enough gaming tables for the $3.2 billion project ahead of requirements that it must meet next year, Bloomberg reports. The company, controlled by billionaires Lawrence Ho and James Packer, said it “intends to proactively engage” lenders after Macau’s government authorized […]
Crown Resorts announced that award winning British architects Wilkinson Eyre won the contest to design the proposed new Queensbridge Hotel Tower and precinct to be located in Melbourne’s Southbank area. Crown and its joint venture partner, Schiavello Group, conducted a global design competition which resulted in five architecture firms being shortlisted – Wilkinson Eyre, Bates […]
James Packer has stepped down as chairman of Crown Resorts to be replaced by Robert Rankin, it was announced on the ASX. Packer will remain as a director and it is intended that he will be appointed as a senior executive director. He will also remain co-chairman of both Melco Crown Entertainment and the Alon […]
Crown Resorts Ltd announced it has appointed Robert Rankin as a director of Crown Resorts Ltd. “The appointment of Robert Rankin as a director of Crown Resorts has become effective following receipt of all necessary regulatory approvals.” In November last year, Crown CEO James Packer persuaded Rankin, who was then-Deutsche Bank AG’s co-head of corporate […]
Echo Entertainment, which beat Crown Resorts for a license to redevelop the Queen’s Wharf precinct in downtown Brisbane, says the project will be the best in Australia and an “asset for the state that will compete with anything in Macau or Singapore, or other destinations around the world.” In a release after the Queensland government […]
Echo Entertainment Group has won the right to develop a gambling resort in the center of Brisbane, beating rival James Packer’s Crown Resorts and allowing the company to keep its two-decade casino monopoly in the city. Queensland state premier Annastacia Palaszczuk said in a media conference that Echo and its consortium, which includes Chow Tai […]
James Packer has poached another former top Wynn employee, Jesse Waits, to be behind the Australian tycoon’s nightclub operations as he looks to gain a foothold in Vegas. Packer, who has yet to open a Vegas casino, secured a role for Waits, in his Alon venture during a visit to Vegas in early July. The […]
Billionaire James Packer has taken his Sydney home off the market, choosing to keep the lavish apartment despite spending a lot of time abroad, The Australian reported. The four-level apartment overlooking Bondi Beach was put on the market for around $20 million in March through agents. Sources say there has been interest among buyers. “It’s […]
Australia’s Echo Entertainment plans a revamp of its Star casino property in Sydney to meet expected competition from James Packer’s $2 billion development at Barangaroo in the city, the Australian Financial Review cited managing director Greg Hawkins as saying. Packer’s six-star VIP-only resort is scheduled to open in 2019. The Star plan will look at […]
Star Casino-owner Echo Entertainment has slammed rival Crown Resort’s plans for a 69-storey tower as legally flawed, local media reported. According to the Sydney Morning Herald, legal advice provided to the planning department of Echo Entertainment says the Crown Sydney resort would be open to court challenge. The advice, by Adrian Galasso, SC, and Clifford […]
An adviser to Australian casino mogul James Packer has denied media reports that the Crown Resorts chairman has become an Israeli citizen. After the Hollywood reporter and subsequently Australian Financial Review reported that Packer had taken up Israeli citizenship, one of Packer’s advisers texted AFR Weekend to deny the rumor 30 minutes after the story […]
Australian research company IBISWorld has predicted that the launch of three new casinos in the country will result in gaming revenue reaching more than A$6 billion ($4.5 billion) by the end of the decade, driven by high-rollers. According to IBISWorld, the Australian gambling industry remains strong due to positive local and foreign player numbers. The […]
UBS Securities has revised down its 12-month price target for Crown Resorts by more than 10 percent to $16.60 a share from $18.45 previously, reflecting lower earnings from its Macau joint venture, Melco Crown. The revision follows a note last month by UBS analysts who said weak first quarter revenue in 2015 and slower sequential […]
Crown Resorts chairman James Packer said it’s unlikely his six-star VIP resort in Sydney will open on time and expressed frustration at the planning process. Packer was speaking to reporters at the opening of Melco Crown Entertainment’s City of Dreams resort in Manila. Crown has been waiting for the resolution of a legal fight between […]
The Sri Lankan Government has dismissed casino bids, including by Australian gaming mogul James Packer, to open one of three casinos in Sri Lanka approved by the previous government. The rejected bid for a $400 million project by Packer’s Crown Resorts Ltd comes as a widely-expected move by new President Maithripala Sirisena, backing election pledges […]
Integrated casino resort developer Melco Crown (Philippines) Resorts Corp announced that the official Grand Launch of its new integrated casino resort, City of Dreams Manila, is to take place on Monday February 2. In a news release Monday, the City of Dreams Manila is poised to become a premier leisure and entertainment destination with the […]
Echo Entertainment says its proposal for a casino development in downtown Brisbane would generate 8,000 jobs once complete and attract 1.4 million visitors in the first year. In a filing with the Australian Stock Exchange, the company said about 2,000 jobs would be created during the construction phase. It said the additional tourist numbers would […]
Almost a decade on from Melco Crown Entertainment’s 2006 IPO, there are signs that the joint venture between two of the world’s largest casino operators is not meeting its sky-high expectations.
As China’s outbound tourism market continues to balloon, a growing number of destinations are easing visa requirements to woo the mainland traveller, with casinos in those countries likely to be among the key beneficiaries. With research suggesting that most Chinese overseas tourists will visit a casino, relaxed visa restrictions could be a key driver for GGR.