James Packer’s stake in RatPac Entertainment in doubt
JAMES Packer’s stake in a high-profile Hollywood production house may be the next asset on the chopping block.
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JAMES Packer’s stake in a high-profile Hollywood production house may be the next asset on the chopping block as he redoubles his focus on his domestic casino operations.
The billionaire gaming and entertainment mogul is looking to unload his stake in RatPac Entertainment, according to speculation swirling through Tinseltown.
Mr Packer co-founded the production and film financing company with US director Brett Ratner.
RatPac’s film list includes The Lego Movie, American Sniper, Gravity and Suicide Squad.
Speculation Mr Packer was looking to exit the movie business was revealed by Hollywood bible Variety.
The possibility of a sale was flatly denied by RatPac.
“James is not going anywhere,” the company told Variety. Any sale would mark the latest retreat from the international stage by Mr Packer who took control of the Crown Resorts board early last month after a one-year break.
Mr Packer’s return to a more hands-on role in the running of Crown comes as it sold close to half its stake in its Macau business and pulled the plug on a Las Vegas casino project.
The reshuffle of Mr Packer’s empire follows a horror 12 months which included the arrest in China of 18 Crown staff and in which the billionaire became embroiled in a major corruption inquiry in Israel and broke up with his fiancee, pop diva Mariah Carey.
Mr Packer’s run of bad luck continued on Friday as Crown was hit with a potential multi-million dollar class action.
Maurice Blackburn is testing interest in a class action to seek compensation for a double-digit drop in Crown’s share price following the detention of its staff in China.
Class actions principal Julian Schimmel said Crown had failed to disclose to investors the true level of risk associated with its strategy to lure Chinese high rollers.
“Investors were really kept in the dark about what they were up to,” Mr Schimmel said.
“Shareholders and investors need to know what the risks are and need to know what those risks are for the company’s revenue and that is what we say investors were not told.”
Crown shares dipped 1.1 per cent to $11.15 on Friday.
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