The Australian Casinomogul James Packer
28 June 2015
One can say that the Australian businessman and billionaire James Packer most likely had better chances than most of us at his birth. He inherited the huge media empire and his father’s, Kerry Packers, fortune. But James has not reaped the fruits of his inheritance and left the media empire, that has been built by his family, to waste. He used it mainly, to create new things. After the death of Australian media mogul James Packer in 2005, James decided to liquidate Channel Nine and Australian Consolidated Press, the mainstays of the Empire. With the proceeds he wanted to finance the international gaming and tourism business Crown Resorts. It was as it turns out now, the right decision, because the media industry is increasingly threatened by the internet. The two companies, which were sold to a private equity firm had to be registered already bankrupt in the meantime.
Packer, who used the sales revenue to make Crown resorts to become one of the biggest provider in the entertainment industry in Australia, had backed the right horse. With his stakes of 33.7% of Melco Crown Entertainment, a joint venture with Melco International also more casino and entertainment resorts were built in the whole of Asia. The empire that he inherited from his father in 2005 was estimated at 5.2 billion. The sale and the investment into gambling was certainly a risk. Due to some wrong decisions and the financial crisis, his assets were in a few years reduced to USD 3 billion. But the economy recovered and thus Packers equity, which is estimated at USD 4.7 billion at the moment by Forbes. That makes him the richest person on rank 291 in the world and the fourth richest Australians according to Forbes. He will soon built a gigantic complex in Brisbane and a luxurious 6-star hotel in Sydney. An engagement in Las Vegas is also planned. Crown Resorts will grow in the future to become a gambling and resort company of first class, not only in Australia but throughout the world.