James Packer Nearing Exit At Crown As Board Mulls Takeover Bids
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Packer agreed to sell to Las Vegas large Wynn Resorts in April 2019 in a cash and scrip deal worth $14.75 a share, which was torpedoed by a press leak. He sold 10 per cent of Crown to Hong Kong’s Melco Resorts for $13 a share a month later. “So with the VIP market roughly gone for Crown, they may go after Star’s main-hall clients,” says Lee. “Star is determined to avoid a well-funded and probably well-managed competitor coming on-line, and this represents the best opportunity for them to head off a competitor”.
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The move helps pave the best way for Crown to open its $2.2 billion Barangaroo casino in Sydney this year. The James Packer-backed group had its licence suspended last 12 months after proof emerged of cash laundering at its Melbourne and Perth casinos.
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