Opinion: Packer’s $3 billion Crown pay day is so close he can smell the money
It’s all so close, James Packer can almost smell the $3.2 billion that will hit his bank account when he sells his 37 per cent stake in Crown Resorts to offshore private equity titan Blackstone.
He has been chasing this mega pay day for three years and the past two years of his association with Crown would be an era that Packer would rather forget.He has endured public examinations, a finding that he exerted a damaging influence on the casino group, and copped a recommendation that he cut his stake to five per cent. In essence, he has been locked out of his biggest business while his Crown courtiers have been banished from the boardroom.
However, the Blackstone offer still has some hurdles to clear - the most challenging of which will be achieving approvals from three state-based gaming regulators. Blackstone seems pretty confident that it will receive a green light in the near future, but if history has demonstrated anything, it’s that second guessing regulators can be a hazardous pastime.
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