It was back in 2015 when the casino mogul James Packer was thinking of taking his company off the stock exchange and making it private. This was around the time he decided to step down from the company. However, since then there has been a lot that happened and still happening.
Due to this constant run-in with the authorities locally and internationally, there are speculations that the idea of delisting the come may arise for James Packer. But, according to a fund manager, this is not the route that this Australian casino mogul will take.
A major factor will be to buy back the 52% shares that James Packer sold. This will cost him a lot of money which is estimated at between AU$5 and AU$6 billion.
Crown Resorts’ Future
In other developments, the company has recently appointed former government officials. This shows that James Packer plans on playing nice with the government with the help of the new board members.
There is a triennial license review coming up in Melbourne in a few months. With these new members, the company will have to do whatever it takes to make sure that the resort is in good books.
In the past week, James Packer resigned again due to mental health issues. It is understandable considering that there have just been so many things going wrong for the casino mogul.
Recent Pokies Tampering Allegations
There are new allegations against the casino operator which will need to be sorted out before the license review time. Unfortunately, these allegations may cause even more stress for James Packer.
Another anonymous employee at the company has come forward to say that the resort was tampering with the pokies machines knowingly. This case is still under investigation.
Crown Resorts is in the process of constructing another casino in Sydney. However, with this current probe from the Victorian Commission for Gambling and Liquor Regulation, these plans may be put on hold.