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James packer3/26/2023 ![]() “Packer should sell first,” Mr Mayne said. Mr Mayne said Crown’s future will now be decoupled from the Packers, adding that it is not yet clear who will step in to fill their shoes. The West Australian royal commission has not yet delivered its verdict. ![]() The Victorian royal commission stopped short of recommending Crown lose its Melbourne casino license, instead suggesting it operate under a special manager for two years while it cleans up its operation. But its Melbourne casino will reopen on Friday. What’s next for Crown?Įven without the Packer family Crown faces years of regulatory scrutiny.Īn inquiry in NSW led to Crown losing its license to operate a casino in Barangaroo, Sydney. Robert Packer’s grandson, Kerry Packer – father of James Packer and himself the son of Sir Frank Packer, who built and vastly expanded the family empire and fortune – launched a bid to take over Crown’s Melbourne casino business in 1998. This included PBL media (later rebranded as Nine Entertainment) and Australian Consolidated Press, the first publisher of Women’s Weekly. Starting with Robert Packer at the turn of the 20th century, the Packer family has held major stakes in large media and gambling businesses. “They will just become a family worth $6 or $7 billion with no active businesses that they run,” he said. Mr Mayne told The New Daily that Australia will soon see the end of the Packer era, at least from an operating-business perspective. Mr Packer has been trying to offload Crown shares for more than a year after a series of media reports exposed allegations of criminal activity.Īctivist shareholder Stephen Mayne said Mr Packer, “should really just get on with it and sell out to institutional investors as soon as possible”. He indicated he would seek legal advice about the timing, having flagged an October 2026 deadline with NSW regulators. He recommended Mr Packer’s investment vehicle, Consolidated Press Holdings, be forced to slash its Crown stake from 37 per cent to less than 5 per cent by September 2024.Īnd under questioning from WA Commissioner Lindy Jenkins on Friday, Mr Packer said he did not object to the recommendation. ![]() Mr Packer may now be forced to oversee the dismantling of the Packer business empire after a Victorian royal commission recommended this week that he be forced to sell most of his Crown shares.įormer federal court judge Ray Finkelstein QC said Crown’s conduct was “disgraceful” and “illegal, dishonest, unethical and exploitative”. “I did not believe at that point in time that Crown Perth was engaged in money laundering.” “Looking back, there are many oversights, things that should have been done differently,” he admitted under questioning. Mr Packer also made a series of admissions about his leadership of Crown’s Perth operation, saying he should have resigned years earlier. It signals an effective end to the Packer business empire in Australia. In his first public testimony about the scandals engulfing Crown since last year, Mr Packer said he won’t object to a dramatic reduction in his Crown stake in line with a Victorian royal commission recommendation. ![]()
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