Crown Ltd., the gambling company controlled by billionaire James Packer, won approval from Queensland state to lift its stake in Echo Entertainment Group Ltd., intensifying competition to control Sydney’s only casino.
James Packer, chairman of Australia’s biggest gambling company, and Crown Ltd. must defend themselves in a Las Vegas lawsuit alleging they hid cost overruns in a gaming development, an appeals court ruled.
Crown Ltd., the gaming company controlled by billionaire James Packer, chose one of the architects of Singapore’s Gardens by the Bay project to build a casino tower planned for the shores of Sydney’s harbor.
Melco Crown Entertainment Ltd., the casino venture between a son of casino mogul Stanley Ho and Australian billionaire James Packer, reported a 56 percent drop in first-quarter profit on financing costs related to its new Macau project.
Echo Entertainment Group Ltd.’s two largest casinos will be put at risk if a resort that billionaire James Packer wants to build in Sydney and another in Australia’s Gold Coast go ahead, the company said.
Ten Network Holdings Ltd. offered James Packer and Lachlan Murdoch a board seat each less than two weeks after Packer’s Consolidated Press Holdings Ltd. acquired 18 percent of Australia’s third-ranked television broadcaster.