News
Billionaire James Packer Unloads $338M Stake In Crown Resorts
August 29, 2016
James Packer, Australian billionaire and Mariah Carey’s fiancé (in case you were interested) sold a $338M stake in casino operator Crown Resorts, cutting his ownership of the Australian company to under 50%.
James’ private investment arm, Consolidated Press Holdings, agreed to sell 35 million shares in Crown, or 4.8% of the company, Monday. The move followed Crown’s announcement to unload its international investments—which includes a $2B stake in Melco Crown Entertainment, a Chinese casino operator, Bloomberg reports.
Consolidated Press now owns about 48.2% of Crown's shares, which fell 1.7% the morning of the announcement. [Bloomberg]
