Packer continues Crown privatization discussions


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 an element to these talks of fleshing out where the strongest interest lies in the market for Crown’s assets,” according to one source.

Initially, it was speculated the deal would be a “straight buyout”, however, it is now more likely that a deal would involve certain assets would be “cherry-picked”, according to another unnamed source.

So far, the discussions regarding Crown’s privatization has reportedly been held between Packer and Blackstone, as well as Canadian pension fund CPPIB’s chief executive Mark Wiseman.