Packer splits his deck
Australia’s richest man, James Packer, is to split Publishing & Broadcasting Ltd (PBL) into two separate companies, creating a dedicated casino company in the process hoped to rival the big US companies.
The new casino company will be called Crown and will include Melbourne’s Crown Casino and Perth’s Burswood Casino. The other business will be known as Consolidated Media Holdings (CMH).
It is thought the move will now allow the gaming division of Packer’s empire to flourish even more, after PBL’s results became increasingly dominated by its gaming assets.
Crown, could be valued as much as $11 billion (AUS), giving it immediate entry into the Forbes top 50. CMH will be inside the top 100, valued at around $3.5 billion (AUS).
It seems clear that James Packer, who took over PBL from his father Kerry Packer, is more interested in the gaming industry than the media industry.
Meanwhile, Packer is set to open the Crown Macau in Macau, now the biggest gambling destination in the world, with Melco PBL Entertainment, a joint venture with Lawrence Ho, son of Macau casino magnate Stanley Ho. It is the first of three casinos to open, with the underwater City of Dreams and the NAPE planned for the next couple of years.
Editor, Jackpot.co.uk - 2007-05-09 12:07:13