Crown Casino and James Packer on the Upswing -
3rd April 2009
Tingle of Media Man Enterprises in Australia
reports on positive news circulating around Australian
gambling magnate James Packer and his Crown Casino
James Packer looks to be on the upswing again.
Face to face appearances with Sir Richard Branson,
social gatherings and another potential investment
into Las Vegas. Maybe some of Branson's positive
can do attitude has rubbed off on our James when
they chatted in Melbourne last month. I can tell
you from first hand experience that Branson's
positive attitude pretty infectious. He helped
us go from 3 websites to 7 in the world financial
recession period no less! Recently Branson was
quoted, ‘What recession?', so perhaps Packer
may be of the same sort of thinking.
can bet that Packer would be keen to regain some
of this financial wealth back which was halved
in the past one year plus. One would think that
if there are still some true casino ‘whales'
left they would frequent Las Vegas of of course
Macau, where Packer just happens to be pushing
along Crown Macau and The City Of Dreams."
remarks come on news that the Australian billionaire
is considering taking a stake in City Center,
the troubled Las Vegas development owned by Dubai
World and MGM Mirage, according to a person with
knowledge of the situation.
the Wall Street Journal:
Packer, whose Melbourne-based gambling company,
Crown Ltd, has large casinos in Australia and
China, is discussing the possibility of an investment
in the project with Colony Capital LLC, a Los
Angeles-based investment firm, according to this
person. Colony and Crown "would step in and
take over the funding requirements. The idea is
to keep City Center going," said the person,
who is close to discussions."
the project in question is not without its headaches.
an investment from Colony and Crown could infuse
much needed cash into the project to save it from
bankruptcy, and keep it from shutting down, the
$8.6 billion project has come under fire by Dubai
World, the investment arm of the Persian Gulf
state. Dubai World is suing MGM Mirage over the
project, citing mismanagement and cost overruns.
to the Wall Street Journal, Dubai World so far
has $4.3 billion invested in the project and skipped
its regular monthly payment in March. MGM Mirage
made the full $200 million payment, including
Dubai World's share in order to keep the project