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Crown has a new king – but regulators may get in the way of deal

Regulators are running the ruler over James Packer’s sale of a 19.9% stake in his gaming empire to Melco – and the investigation could take years James Packer’s decision to sell 19.9% of his Australian gaming empire, Crown Resorts, to his former Macau business partner faces a labyrinth of regulatory approvals from three state gaming authorities and, potentially, the foreign investment review board. With Crown holding casino licences in New South Wales, Victoria and Western Australia, each of the state-based gaming authorities is likely to want to run the ruler over Lawrence Ho’s acquisition and assess whether the newest significant shareholder meets requirements that casino operators are fit and proper people. Related: James Packer sells almost half his stake in Crown Resorts Continue reading...

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