James Packer set to fall further down the Rich List
Feb 10, 2021 â 5.14pm
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Once Australiaâs wealthiest person, James Packer will struggle to make the top 20 of this yearâs Financial Review Rich List if the worst forecasts for the share price of his major asset, Crown Resorts, are realised.
After commissioner Patricia Berginâs explosive report to the NSW gaming regulator on Tuesday, which deemed Crown Resorts unsuitable to operate the casino at the heart of its $2 billion Barangaroo project in Sydney, Crownâs shares tumbled 3.4 per cent to $9.81 on Wednesday.
Macquarie Equities thinks they will fall further and reduced its target price from $11.00 to $8.30 on Wednesday on the assumption that the reforms Bergin recommended would delay the start of gambling at Barangaroo by two years.
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