Uneasy lies the Crown: weary Packer changes direction and Barangaroo with it
It’s an uncertain road ahead for the billionaire, as he cuts his stake in his beloved empire and looks to diversify
• Crown has a new king – but regulators may get in the way
Crown Resorts’ $2bn luxury casino and apartment tower rising at Barangaroo has been synonymous with James Packer, one of Australia’s richest men, reflecting his greatest achievement as well as a heavy personal burden.
Packer shed some of that load on 31 May, when he sold 19.99% of his stake in Crown to Lawrence Ho, his former business partner in a joint venture in Macau, realising nearly $1.8bn.Continue reading...