James Packer has had his share of misfortune during his life, including some huge mental health challenges. But the delayed December half results from Star Entertainment also make it clear that Packer enjoyed an incredible stroke of luck when US private equity giant Blackstone finally took casino operator Crown Resorts private for $8.9 billion.

Based on what we’re seeing at Star, it seems highly unlikely Blackstone would have agreed to pay that much in the current regulatory and economic environment. Crown gave Packer plenty of heartburn, but his $3.3 billion share sale was also a great escape.