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Australian Mogul James Packer, Jr. Bets on Gambling
James Packer Jr., the son of the deceased Australian media mogul James Packer, Sr., will continue to move the company he inherited from his late father in the direction of gambling.
James Packer Jr., who effectively ran his father’s company during the last ten years of his father’s life, has been expanding into the gambling markets for years. Those who work closely with him say that James Jr. believes that internet gambling, more than telecommunications or media services, represents a truly cross- border business phenomenon.
James’ father was famous for being a prolific gambler whose wagers were often in the millions of dollars. He was a familiar face at the casinos at Las Vegas and the private gambling clubs of London. Ironically, however, the elder Packer often tried to resist his son’s efforts to include more gambling-related ventures in the company’s repertoire. Being a gambler, he somehow believed that casinos could stand to lose money to patrons.
James Sr.’s preferred investment strategy was largely confined to media ventures. His company, Consolidated Press Holdings, which is worth approximately $7 billion, owns television stations, newspapers, and magazines in Australia. It is most famous internationally for its ownership of Australia’s Channel Nine Network.
Despite his father’s resistance, James Jr. slowly moved the family business into the gambling arena during his lifetime. His biggest venture to date is a casino resort complex in the tiny former Portuguese colony of Macau, which is a fast-growing international gambling destination. The gambling complex is to include a Crown Macau casino, a gaming machine operation, and a City of Dreams Resort. The project is scheduled to open in phases, beginning this year. James Jr. is expected to recoup his investment in record time. Macau, whose casinos already generate more money than those in Las Vegas, is considered to be the cash cow of the gambling world.
The Macau project is a joint venture with the Ho family of casino tycoons. James Jr. counts the Ho family scion, Lawrence Ho, as a close personal friend, and industry experts predict that many more Packer- Ho collaborative gambling ventures will follow the Macau project.
Since his father’s death last week, James Jr. is expected to hit fast-forward on his plans to steer his company in the direction of gambling. With life- long friend Damian Aspinall, James Jr. is pursuing plans to open a chain of upscale casinos across the United Kingdom. The pair already owns the gaming operator Aspers, which is poised to profit from the recent changes in British gambling law.
The pair is currently planning casinos in Cardiff, Swansea, and the West Midland. Eventually, the chain will include as many as 16 casinos, on which it will spend over a billion dollars.
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Australian Mogul James Packer, Jr. Bets on Gambling
/ 01 jan 2006
James Packer Jr., the son of the deceased Australian media mogul James Packer, Sr., will continue to move the company he inherited from his late father in the direction of gambling.
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