James Packer “Open to Offers” for Crown Resorts

James Packer

James Packer the majority shareholder of Australian casino operator Crown Resorts has made a move in the possible sale of the company after saying he “is open to offers” for the business.

The billionaire has a 37% stake in Crown Resorts but the company has major troubles with it unable to gain a license for its billion dollar resort in Sydney following findings that the company lacked major internal structures towards money laundering and its VIP management with alleged connections to organised crime.

But Packers private company that holds the shareholding of Crown Resort, Consolidated Press Holdings has hired investment bankers Moelis Australia to advice on any approaches to buy the casino business.

At present US equity firm Blackstone which already has a 10% share in Crown Resorts, made a full offer of A$8 billion for Crown which the company is still considering, however many observers say the valuation is too low for Crown to accept and the move by Packer is to now see if any other interested parties want to bid for the casino operator.