Posts Tagged ‘James Packer’

James Packer seeking new US casino acquisitions

James Packer has raised almost $769 million selling private assets according to a citigroup analyst.  Packer sold a 21% stake in manager challenger Financial Services Group, a $50 million office building and the families Australian cattle ranches for $425 million.  What he is going to invest in is unclear at the moment but certainly looks likely to be a US casino acquisition.

Las Vegas has had a very bad time financially so Packer can pick up some great investments for very cheap there.  Las Vegas has seen a drop of 15% in casino revenue in the 12 months up until June according to the Nevada Gaming Control board.

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Packers casinos need beds to get them out of debt

Packers casino in Macau in desperate need of high rollers

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Packers casinos need beds to get them out of debt

James Packer is hoping that the launch of 800 room Hyatt hotel in the city of dreams Macau will boost his gambling revenue in Macau as gamblers play further into the night, 20% to be exact.  Hotel rooms will be given to gamblers free so they can play on into the night.  James Packers casino Altira last year was taking $22600 a day per table and this year same month only $10,800 a big difference and its this difference along with a couple of high rollers not paying up that has put them in debt.

Related articles - Casinos in Macau

James Packer seeking new US casino acquisitions

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Posted in casinos | 1 Comment »

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