James Packer News
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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.
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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.
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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.
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Billionaire James Packer won regulatory approval to lift Crown Ltd.’s stake in rival Echo Entertainment Group Ltd., intensifying competition for control of Sydney’s only casino.
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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.
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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.
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Sydney needs a six-star hotel and must attract more high-roller gamblers as it considers two competing casino proposals, New South Wales state Premier Barry O’Farrell said.
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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.
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A potential bidding war between a Malaysian gaming magnate and an Australian billionaire is turning Echo Entertainment Group Ltd. into the most expensive casino target since the financial crisis.
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Echo Entertainment Group Ltd. is poised to become the target of the largest casino takeover in more than five years, thanks to its monopoly in Sydney and 16 million potential Chinese gamblers.
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