James Packer has agreed with the NSW regulator to step back from Crown Resorts to help the casino operator retain its Australian casino licences.
Australia.- Crown Resorts’ key shareholder James Packer has come to an agreement with the New South Wales regulator to reduce his influence over the casino operator.
James Packer, who has a 37 per cent stake in Crown Resorts, must not share information with the company and cannot seek representation on the board or have private discussions with board members.
Former Supreme Court judge Patricia Bergin’s report into Crown had criticised Packer’s influence over the company.
According to the report, he also had close involvement with the VIP gambling division and received information that was not available to other shareholders.
The agreement does not refer to a possible sale of shares by Packer, although the casino operator has received a non-binding offer from The Blackstone Group, which already has a 10 per cent holding, to acquire all remaining shares.
James Packer has shown some interest in selling his 37 per cent stake in Crown Resorts but has stated that he will independently assess the merits of any proposal.
Royal Commission starts inquiry into Crown Resorts’ suitability
Western Australia’s Royal Commission has started to investigate Crown Resorts’ suitability to continue holding a casino gaming licence for Crown Perth.
The commission will also undertake a comprehensive review of the state’s regulatory framework for gaming.
An internal report is expected to be delivered by June 30 while the final report should arrive by November 14.