James Packer will sell his longstanding family holding in Crown Resorts at a higher price than if he sold all of his shares in the ill-fated 2019 sale to Melco Resorts that kicked off three years of regulatory torment and investor agony.

Not only is Blackstone’s new and conditionally approved offer of $13.10 a share higher than the $13 price he sold a near 10 per cent stake in Crown to Melco for, the market is hopeful it will start a fresh bidding war for Crown after Star Entertainment and Oaktree Capital withdrew proposals last year.