James Packer still owns 37% of Crown Resorts. Despite the recent challenges faced by the company, Packer’s ownership stake remains significant. The sale of Crown’s stake in its Barangaroo casino project in Sydney, Australia, could potentially lead to a windfall of $3.26 billion for Packer.
It is important to note that Crown Resorts’ gambling license at Barangaroo is currently suspended. This suspension came about as a result of a public inquiry that found the company unfit to run a casino. The inquiry, known as the Bergin Inquiry, revealed serious issues within Crown Resorts, including allegations of money laundering, links to organized crime, and a lack of corporate governance.
As a result of these findings, the New South Wales Independent Liquor and Gaming Authority (ILGA) decided to suspend the company’s license until it demonstrated sufficient reforms and changes to its operations. This suspension has had a significant impact on Crown Resorts’ ability to operate its casino at Barangaroo and generate revenue from it.
For James Packer, the sale of Crown’s stake in Barangaroo could provide a substantial financial boost. However, it is worth mentioning that the sale is not guaranteed, and there are various factors that could affect its outcome. The ILGA’s decision to suspend the license and the subsequent reforms that Crown Resorts needs to implement will play a crucial role in determining the success of the sale.
It is also worth noting that James Packer’s involvement with Crown Resorts has been a turbulent one. In recent years, he has faced personal and mental health challenges, which led to his resignation from the Crown Resorts board in 2018. Packer has been open about his struggles with mental health and the toll that the business world has taken on him.
As an expert, it is important to provide a balanced perspective on the matter. While Packer stands to gain a significant windfall from the sale of Crown’s stake in Barangaroo, the challenges faced by the company, including the suspension of its gambling license, should not be overlooked. The future of Crown Resorts and Packer’s involvement in the company remains uncertain, and it will be interesting to see how events unfold in the coming months.