James Packer Selling Crown Casino

SYDNEY, Nov 11 ― A lawyer for billionaire James Packer dismissed claims the founder of Australia's Crown Resorts Ltd had undue influence over the casino company, saying that as an ex-board member he was not accountable for corporate governance failings. Billionaire James Packer has admitted he didn’t “give a thought” to special clauses in the Sydney casino licence which banned the Macau casino mogul Stanley Ho from having an interest when he inked.

Crown Resorts Ltd. Billionaire James Packer has endured blow upon blow for more than three years: a bruising clash with Chinese authorities and at least two aborted deals with suitors.

Australian businessman James Packer might have to sell down an interest in the casino for Crown to retain the licence and be able to operate it, says Sky News Political Editor Andrew Clennell.

Mr Packer has faced an inquiry into Crown Casino which has investigated allegations of money laundering and links to organised crime.

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“Having fought so hard to get Sydney's second casino built and approved by the NSW government, it does look like no matter what the inquiry into the license finds, Packer will be selling,” Mr Clennell said.

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“The billionaire has already made moves to sell down stock to Wynn Resorts previously'.

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The businessman revealed to the inquiry that he has bipolar disorder and is on strong medication that's affecting his memory.

“His mental health troubles means he just wants to get out of the limelight ... just an extraordinary situation given the lobbying efforts of five years ago to get that casino built,' Mr Clennell said.