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Uneasy lies the Crown: weary Packer changes direction and Barangaroo with it

It’s an uncertain road ahead for the billionaire, as he cuts his stake in his beloved empire and looks to diversify • Crown has a new king – but regulators may get in the way Crown Resorts’ $2bn luxury casino and apartment tower rising at Barangaroo has been synonymous with James Packer, one of Australia’s richest men, reflecting his greatest achievement as well as a heavy personal burden. Packer shed some of that load on 31 May, when he sold 19.99% of his stake in Crown to Lawrence Ho, his former business partner in a joint venture in Macau, realising nearly $1.8bn. Related: Crown has a new king – but regulators may get in the way of deal I was like Icarus. I flew too close to the sun Related: US casino giant Wynn ends takeover talks with James Packer's Crown Resorts Related: Billionaire casino owner James Packer quits business interests Continue reading... always shares this Contents with License.

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