A forced sale in a company facing increasing regulatory risk deprives James Packer of any premium that might otherwise be attached to such a large stake.
With a potential forced sale of his Crown Resorts shareholding staring him in the face, gambling mogul James Packer may have watched more than a billion dollars turn to dust in the space of two years.
On Thursday, after nearly three days of grilling at the NSW casino inquiry, Packer admitted that he might be forced to sell down at least part of his 36 per cent stake in Crown to save its new Sydney casino licence, and floated the idea of capping shareholdings.
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Max Mason covers financial crime, courts and corporate wrongdoing. A Walkley Award winner, Max’s journalism has also received awards from the National Press Club of Australia, the Kennedy Awards and Citibank. Message Max on Signal https://tinyurl.com/MaxMason Connect with Max on Twitter. Email Max at max.mason@afr.com
