April 19, 2021
Australian casino operator Crown Resorts Limited has reportedly been offered up to $2.3 billion in private financing so as to buy back some or all of the 37% shareholding currently owned by company founder James Packer (pictured).
According to separate reports from the Bloomberg and Reuters news services, the proposal from American investment equity giant Oaktree Capital Management LP would see the Melbourne-headquartered casino firm enter into a ‘structured investment’ in order to acquire the shares from Packer’s Consolidated Press Holdings Proprietary Limited (CPHPL) vehicle. The sources detailed that such an arrangement could allow Crown Resorts Limited to partially rehabilitate its image following the recent determination that it was unfit to hold a gambling license for its new Crown Sydney development.