James Packer

    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.

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    Crown pulls out of Las Vegas, looks to reduce debt

    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 […]

    Packer says no intention for Japan expansion

    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 […]

    James Packer raises $100m through Crown note sale

    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 […]

    No chance of pokies at Crown Barangaroo

    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 […]

    Crown Resorts staff face detention for at least another year

    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 Rankin to step down

    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 abandons Las Vegas project

    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’s Melco stake sale not a call on Macau, analysts say

    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 acquires larger share of MCE; Packer resigns as director

      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 […]

    Crown’s asset separation may face delays

    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 […]

    Packer relinquishes majority stake in Crown Resorts

    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, […]

    Packer could completely withdraw from Macau, says US casino veteran

    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 Sydney receives conditional planning approval

    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,” […]

    Crown Resorts to split off international assets

    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 […]

    Packer proposes nation’s tallest building

    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 […]

    Crown cuts stake in Melco Crown

      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 […]

    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 […]
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    Crown Resorts pushes Sydney Barangaroo project to 2021

    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 reports varied performance across businesses in 2015

    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 […]

    Blackstone reportedly in talks with Packer regarding Crown Resorts

    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 […]

    Crown Resorts hybrid securities tumble following privatization talk

    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 […]

    Packer’s private company says “no immediate plans for privatization”

     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 […]

    Packer in talks to privatize Crown Resorts

    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 […]

    New bill helps expedite development of Packer’s casino with De Niro

    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 […]

    Packer increases stake in Crown

    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 […]

    Gotham City meets Great Gatsby

    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 […]

    Packer declines to confirm ‘The Audition’ film cost

    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 […]

    Crown acquires 20 percent interest in Nobu

    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 […]

    Studio City counts on Hollywood magic to boost GGR

    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 […]

    Melco lenders face crunch as tables fall short of targets

    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 awards Wilkinson Eyre Melbourne hotel tower design contract

    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 […]

    Packer steps down as Crown Resorts chairman

    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 […]

    Robert Rankin becomes a Crown Resorts director

    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 to move HQ to Brisbane, says new resort to be “best in Australia”

    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 beats Crown to win Brisbane resort development

    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 […]

    Packer poaches Wynn’s nightclub whizz

    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 […]

    Packer pulls luxury home off the market

    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 […]

    Echo to beef up Star casino

    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 […]

    Crown Sydney legally flawed says Echo

    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 […]

    Packer not an Israeli citizen says his adviser

    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 […]

    UBS revises down price target for Crown Resorts

    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 […]

    Australia’s new casinos to drive revenues

    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 […]

    Packer frustrated at Sydney casino delays

    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 […]

    Change of guard in Sri Lanka, setback for Crown Resorts Casino bid

    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 […]

    Grand opening of City of Dreams Manila on Feb. 2

    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 says Brisbane proposal to generate 8,000 jobs

    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 […]

    James Packer resigns over mental health issues

    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 […]
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    Regulators probe Crown pokies allegations

    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 […]

    Ho open to partnering with Packer again

    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 […]

    NSW regulator to study Crown Sydney after Melco buy in

    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.
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    Crown stake sale to Melco faces probe after media allegations

    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. 

    Ten years on, Melco Crown faces uncertain future

    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.

    Casinos to benefit as China visa walls crumble

    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.  
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