Project Alpha hits  jackpot for James Packer

Matt Comyn, Graham Bradley and Ian Narev last night. Picture: Brianne Makin

Going by the codename Project Alpha, billionaire James Packer is clearly hoping for above-market returns from the corporate restructure of his international gaming empire.

And the way cash will fall into his lap from his Plan B overhaul of his listed Crown Resorts, it seems lucrative returns is exactly what the casino mogul will get.

Thanks to an opportunistic buyout of more of Melco Crown by controversial partner Lawrence Ho, 48 per cent Crown ­Resorts shareholder Packer is set to reap close to $400 million in ready cash from the new way forward.

All of which is one way for Packer’s adviser from UBS, Kelvin Barry,to stay on the billionaire’s good side.

Melbourne-based Barry, who is flat out also working for David Attenborough’s Tabcorp on its now trumped bid for Tatts, wasn’t at Crown’s gala hotel opening in Perth on Wednesday night — someone had to get the deal done.

Packer gets $240m from the $500m cash distribution that all shareholders will participate in thanks to the selldown of the company’s stake in Melco Crown, and he won’t even have to turn up to board meetings with Ho any more.

Packer also gets to participate in a $300m share buyback that will net him $144m cash if he plays ball, for a total of $384m ready cash.

He also gets Crown interim and final dividends, which under the Rob Rankin-led company’s new souped-up dividend policy could be as high as $250m this ­financial year.

All that without even accounting for any capital gain in Crown Resorts over the year.

Busy billionaire

But then, with all that James Packer has rolling outside of Crown, you could imagine him wanting some ready cash.

This time last year, the four-times betrothed and twice married Packer, 49, finalised a billion-dollar settlement with his sister Gretel Packer, 50, over their late father Kerry Packer’s will.

Kerry Packer died on Boxing Day, 2005.

A year on and James is amid negotiations towards a financial settlement with former fiancee Mariah Carey, from whom he separated in September after an eight-month engagement.

Last we heard, Packer was holed up in Argentina, where Crown executive director John Alexander has been playing a strong hand in reworking the corporate proposal.

His Consolidated Press boss and former UBS and Deutsche banker Rob Rankin, who was flying the flag for his boss in Perth on Wednesday, played a role in Packer and Carey’s prenuptial agreement, but was not believed to be a key player.

You couldn’t blame Australia’s fifth-richest man for feeling a bit like an ATM.

A tale doing the rounds is of conflict on board the Arctic P between the once happy couple over a $5m fee that Carey was offered via her larger-than-life Russian manager Stella Bulochnikov to play a one-off gig for a member of the Saudi royal family, which would have gone down like a lead balloon given Packer’s desire to be granted Israeli citizenship.

Story goes that to smooth the rift Packer offered to pay his fiancee the $5m fee in return for her not accepting the gig.

An offer he later regretted, and the rest is history.

James Packer and Brett Ratner.

It’s awkward, too, as Packer’s Hollywood movie making partner Brett Ratner, via their Hollywood-based RatPac Entertainment, introduced the couple in the first place and has long been close to Carey, while his friendship with Packer is more recent.

Symond home open

Aussie John Symond and wife Amber couldn’t have hoped for a better turnout for their Christmas drinks at their up-for-sale Point Piper mansion in Sydney last night.

John and Amber Symond.

It was the sort of open for inspection that most homeowners who are selling can only dream of.

Symond oversaw the building of the house himself and is now seeking north of $100m for the real estate, which would set an Australian residential record.

A host of pollies led by former PM John Howard and NSW Premier Mike Baird were along for the festive cheer, along with richies that included Seven lawyer and real estate junkie Bruce McWilliam and Charles Curran.

Big bank bosses included Nicholas Moore from Macquarie, Ian Narev from CBA and George Frazis from Westpac in lieu of his chief executive Brian Hartzer.

Helen Coonan with Macquarie’s Nicholas Moore

Star chair John O’Neill was there with wife Julie, as was venture capitalist Martin Rogers, News Corp Australasia executive chair Michael Miller and Merivale boss Justin Hemmes.

Howard’s way

Indefatigable former prime minister John Howard — who backed up his star turn at Symond’s party — takes almost as diligent an approach to the holiday season as he did to running the country.

John and Janette Howard at John Symond’s party.

On Wednesday night, Howard threw open the doors of his private suite high up in Sydney’s MLC Building.

With current PM Malcolm Turnbull unable to attend (he did make it last year), the most senior member of the cabinet enjoying Howard’s sweeping views over the harbour was Cabinet Secretary Arthur Sinodinos, the former long-serving chief of staff to “The Boss”.

Governor-General Peter Cosgrove was also there, as was NSW Premier Mike Baird and several of his dutiful ministers including Anthony Roberts and David Elliott.

Tax Commissioner Chris Jordan was also in the house along with another former prime minister Tony Abbott.

Western force

Andrew Probyn, the long-serving federal political editor of Kerry Stokes’s daily The West Australian, has opted to hand in his Osborne Park issued notebook and pen for a new life in broadcasting as the chief political reporter on the ABC’s current affairs show 7.30. The West’s editor Brett McCarthy said he was disappointed to see Probyn go and “while I don’t want him to leave I understand his decision”.