James Packer can keep his 37 per cent stake in Crown Resorts and use it to accept or reject takeover proposals in a new deal struck with the NSW gaming regulator, effectively giving him the final say on the future of the company.

But the agreement limits Mr Packer’s majority shareholder power on almost all other issues, following the damning NSW Bergin inquiry which found the billionaire’s influence on the company was “deleterious” and the company unfit to hold its NSW casino licence.