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Former shareholder of Crown Resorts to leave casino industry, avoid business deals in China

March 1, 2024 AustraliaChina Casino & HotelEvents & Announcements

After selling his AU$3.3 billion interest in the company in 2022, James Packer, the former main shareholder of Australia’s Crown Resorts, has said that he plans to stay out of the casino industry and business dealings in China.

Packer expressed relief at being freed from the pressures and responsibilities of the casino industry in his first in-depth interview following the scrutiny of Crown’s Australian casino operations, which included investigations into its ties with Asian junkets and the 2016 arrests of Crown Resorts employees for gambling promotion in mainland China.

Crown was guilty, and Packer acknowledged this by saying, “I accept Crown did things it shouldn’t have done, and I apologize for that.” He did, however, include contract violations, agreement amendments, and changes in government tax rates as the reasons he was against regulated firms. He said that he will never again take part in such endeavors.

China used to be a significant source of affluent guests for Crown’s resorts, but Packer now views the country as “uninvestible.” He highlighted how the economy of the nation has contracted compared to earlier projections and how it was becoming less appealing to foreign investors.

Reiterating his resolve to stay away from China, Packer said, “I’m not going back to China – no way.” He compared the present situation with that of fifteen years ago and saw a notable decline in investor interest in large-scale ventures in China.

Packer expressed pleased with Crown Sydney’s progress, even if he distanced himself from earlier investments. Crown Sydney made its premiere in late 2021 amid controversy. He emphasized that building a really world-class university was the endeavor’s main objective. In addition, he expressed his satisfaction with his condo in Crown Sydney and expressed a want to visit Australia again in the future.

Original story by: IAG

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