‘Subdued and philosophical’: James Packer’s reaction after learning rival casino giant angrily pulls pin on proposed $10billion Crown takeover
- Crown met were in talks with Las Vegas-based casino giant Wynn on Tuesday
- The deal ended before it began but insiders say Packer is now ‘disengaged’
- Personal and professional pressures have led Packer seeking a ‘low-profile’ life
James Packer’s startling reaction to learning Wynn had pulled the pin on a $10billion Crown takeover bid has prompted speculation he has ‘disengaged’ from the casino group.
Crown directors met on Wednesday for one of the most important board meetings in its history to discuss a $14.75 per share offer by the Las Vegas-based casino giant.
But within hours of the ‘confidential discussions’ being made public, the American casino company abruptly ended its talks with Crown executives.
Wynn Resorts is believed to have terminated the deal after ‘premature disclosure of preliminary discussions’ were made public, The Sydney Morning Herald reported.
James Packer’s (pictured) dream to build a $2.2 billion high-end hotel and casino complex in Barangaroo could be sold off as the magnate becomes ‘disengaged’ with Sydney
Crown directors met on Wednesday for one of the most important board meetings in its history to discuss a $14.75 per share offer by Las Vegas-based casino giant Wynn (pictured)
Despite the lucrative deal falling through, the future of the brand remains to be seen as Packer has allegedly lost interest in seeing his latest venture come to fruition.
In years gone by, Packer may well have demanded to know who leaked the details of the takeover, but on Wednesday his reaction was described as low-key, The Australian reported.
Appearing before the board on Tuesday from the comfort of luxury Aspen property, West Buttermilk Estate, the billionaire was reportedly ‘subdued and philosophical’.
While Packer was once brimming with ambition and a ‘what’s next’ attitude – transforming Crown into a global empire – his priorities have reportedly changed.
‘It was all spend, spend, spend,’ as one casino executive recently put it. ‘And then it was a complete 180-degree switch.’
Those close to the magnate say he has become increasingly ‘disengaged’ from his ownership of Crown and made it known he was prepared to sell his stake.
Some people close to Packer have speculated the pressures of his personal and professional life have led to him seeking a ‘low-profile’ life.
Despite the failed Wynn deal, the future of Crown remains to be seen as Packer has allegedly lost interest in seeing the Barangaroo Crown (pictured) project come to fruition
Few casino moguls have endured as much public exposure and scrutiny as Packer (right), whose failed relationships – including one with Mariah Carey (left) – became media fodder
Few casino moguls have endured as much public exposure and scrutiny as Packer, whose failed relationships – including one with Mariah Carey – became media fodder.
He also made headlines when he had a very embarrassing public punch-up with his best mate David Gyngell on the streets of Bondi in 2014.
Packer has also opened up about his struggles with depression, which led to him becoming a recluse and putting on weight, The Sydney Morning Herald reported.
‘I became depressed and I was emotionally exhausted and my marriage had broken up,’ he previously told Mike Willesee in 2013.
‘I felt isolated, I felt like a failure … it was not a great time in my life.’
In Damon Kitney’s 2018 biography of his life The Price of Fortune, the 51-year-old was also quoted as saying: ‘I am tired of being on this roller coaster.
‘I don’t want to do it any more. I’m ready to put my hands up for a few years. I really am,’ he said.