Adelson & Packer Reported To Have Celebrated New Year Together

According to local reports in Australia both James Packer and Las Vegas Sands owner Sheldon Adelson celebrated the New Year together.

Both the Daily Telegraph and the Mail Online reported that the two billionaires moored their super yachts together in the French Caribbean. The $200 million James Packer yacht the IJE and Adelson’s 92-metre Queen Miri were docked beside each other as the celebrations for the New Year started.

Adelson who has put up his entire Las Vegas casino portfolio up for sale as he looks for new locations in the US and outside, was said to be a guest of James Packer for the festivities.

That sparked rumours that maybe the two billionaires were discussing the sale of Packers interest in Crown Resorts which has had a terrible 2020 with the investigation by the Independent Liquor and Gaming Authority suspending the issue of the gaming license for the firm’s flagship Barangaroo resort which was slated to open in December 2020.

However the investigation into Crown led to accusations of money laundering, corporate governance mis-handlings and involvement with organised crime. At present only the hotel opened on time with no certainty the company will gain their gaming license if those allegations are found to be founded.

Packer still holds a 36% share in Crown Resort worth an estimated $2.7 billion and with Adelson on the lookout for new opportunities Crown could be a target given their current situation. Also many observers would say that a change of ownership would aid the issuance of a gaming license.

But when reporters asked a spokesperson for Mr Packer if the meeting happened the reply was, ‘There was no meeting between Mr Packer and Mr Adelson. It’s untrue.’

It is unlikely that response will quell the rumours that Sheldon Adelson will make an offer for James Packer’s share in the company, time will tell if they did discuss a sale.