James Packer raises stake in Crown Resorts to 53.1%

Since hitting a record high of $18 per share in January 2014, James Packer yesterday bought 18 million shares of his casino resort company for a bargain price of $12 each, a small premium compared to Tuesday’s close of $11.66. The acquisition raises Crown Resorts’ share of directors from just 50.1% to 53.1% of the $9 billion company. 온라인카지노

The stock’s more than 30% drop from its peak in early 2014 is attributed to an overall lackluster performance by Packer’s partner, Melco Crown of Melco International. Melco Crown has been struggling with other operators in Macau because of the lack of VIP business by the Macau government.

Melco Crown is the majority owner of the newly opened $3.2 billion Studio City Macau, including three major casino properties, including City of Dreams and Manila, and four small slot clubs in Macau.

1 comment on “James Packer raises stake in Crown Resorts to 53.1%”

Leave A Reply

Your email address will not be published. Required fields are marked *