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April 16, 2021 Following months of negotiations and billionaire businessman James Packer (pictured) has reportedly agreed a deal that will allow him to retain his around 37% stake in beleaguered Australian casino operator Crown Resorts Limited. According to a Thursday report from The Sydney Morning Herald newspaper, the arrangement worked out with the New South Wales Independent Liquor and Gaming Authority is set to permit the 53-year-old’s Consolidated Press Holdings Proprietary Limited (CPHPL) vehicle to remain as the largest individual shareholder in Crown Resorts Limited. The source explained that this comes despite accusations uncovered via a recent investigation that Packer had potentially been exercising undue influence over the day-to-day operations of the firm behind the gambling-friendly Crown Melbourne and Crown Perth properties.

Western australiaUnited statesNew south walesMichael johnstonPatricia berginJames packerJohn poyntonWales supreme courtCrown resortsHoldings proprietary limitedGaming authorityBlackstone group incorporatedSydney morning heraldNew south wales independent liquorConsolidated press holdings proprietary limitedCrown melbourne