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Billionaire James Packer has decided to become a passive investor in Crown Resorts to help the casino group resolve its legal and regulatory challenges, and appears open to selling his controlling stake, people who know him say.
Mr Packer, who has been following the controversy from his home in the US ski resort of Aspen, will not seek or accept any private information from Crownâs directors or executives or try to influence their decisions, sources said.
James Packer gave evidence at the NSW casino inquiry in October. Â
By choosing not to use his 37 per cent stake to influence the Melbourne-based company that he chaired for eight years, Mr Packer wants to remove himself as an impediment to Crownâs efforts to convince NSW regulators that it should be allowed to open a casino in its $2 billion building overlooking Sydney Harbour at Barangaroo.
Packerâs crown of thorns
The casino businessâ âask-no-hard-questionsâ culture found itself caught up in a dramatic swing of regulatory direction in NSW.
Sometimes, Crownâs 75-floor Barangaroo casino tower has seemed just a personal property holding for James Packer, and nothing more.Â
Jessica Hromas
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Over the years, Crown Sydney has represented far more than a new second casino in the harbour-front suburb of Barangaroo.
For James Packer, the casino groupâs endlessly scrutinised and unpredictable billionaire majority owner who bought two floors for $60 million back in 2017, itâs fairly consistently been âa gift to the cityâ and âthe thing that will draw me backâ.
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