James Packer’s HUGE payday: Crown Resorts sells its casino empire to American investors for $9BILLION – and Aussie businessman will take a massive chunk
- James Packer to exit control of Crown Resorts after huge deal with US company
- Casino group will be sold to US firm Blackstone subject to a shareholder vote
- Mr Packer, who owns 37 per cent of Crown, will make $3.76 billion from the deal
- Blackstone will pay $8.9 billion for Crown’s Australian operations
James Packer is set to pocket $3.26 billion and walk away from Crown Resorts after the casino group accepted an offer to sell its Australian operations to a US private equity firm.
The deal worth a total of about $8.9 billion would see Mr Packer end his association with the company had spent the past two decades building into a gaming and entertainment powerhouse.
While the sale remains subject to shareholder approval, the deal will see US firm Blackstone take over Crown Resorts’ flagship Melbourne property, the new hotel and casino Barangaroo, and the company’s resort in Perth.
Mr Packer, who still owns 37 per cent of Crown Resorts, will secure a $3.26 billion windfall if the sale of Crown Resorts proceeds
Crown has entered into a binding agreement with Blackstone but the deal is also subject to approval by gaming regulators in each state in which Crown operates.
It follows Blackstone offering $13.10 per share cash for the company in January.
Mr Packer, who still owns 37 per cent of Crown Resorts, will secure a $3.26 billion windfall if the sale proceeds.
The company’s gambling licence at Barangaroo is currently suspended after a public inquiry found it was unfit to run a casino.
The regulator’s decision followed evidence heard at the inquiry in 2021 that Crown had been used by criminal syndicates and money laundering operations.
Crown Resorts’ gambling licence at Barangaroo is currently suspended after a public inquiry in 2021 found it was unfit to run a casino after claims of money laundering and infiltration by criminal syndicates