James packer6/30/2023 ![]() ![]() State regulators have assured it will be subject to strict conditions. It was Packer’s political wheeling and dealing, and relationship with Chinese businessman Laurence Ho in his bid to build a casino at Sydney’s Barangaroo that led to his undoing and was the catalyst for the New South Wales Bergin inquiry, which found Crown was unfit to hold a casino license, recounts ABC.īlackstone’s takeover paves the way for Crown’s AUD 2.2 billion ($1.5 billion) Sydney casino at Barangaroo, which has been banned from taking bets since opening in 2020. Packer’s previous attempt to leave the company in 2019 was frustrated when the prospective buyer reneged due to the controversy and details of the deal were leaked. Additionally, several damaging inquiries found the casino operator enabled money laundering and had links to criminal gangs. This comes after years of scandals, including a company’s fine for illegally promoting gambling in China, where 14 members of the staff were jailed. The moves against Packer gave the billionaire no choice but to sell out of Crown. This deal implies Crown Resorts' conversion into a private company, which will no longer report to the ASX. The court’s decision was the final step in the approvals process, following greenlight by the state governments in Western Australia, New South Wales and Victoria, where Crown currently operates venues. Packer is set to exit Crown Resorts after that. The deal will be finalized on June 24, when the money is finally handed over. Australia’s Federal Court has approved US private equity giant Blackstone’s AUD 8.9 billion ($6.1 billion) takeover of casino giant Crown Resorts, a deal set to grant renowned billionaire James Packer an AUD 3.36 billion ($2.3 billion) payday in exchange for his 37% stake in the company. ![]()
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