{"id":4246,"date":"2019-06-12T11:02:51","date_gmt":"2019-06-12T11:02:51","guid":{"rendered":"https:\/\/www.top10casinowebsites.net\/news\/?p=4246"},"modified":"2019-06-12T11:05:06","modified_gmt":"2019-06-12T11:05:06","slug":"james-packer-decision-to-sell-was-right-as-austalian-vip-gambling-declines","status":"publish","type":"post","link":"https:\/\/www.top10casinowebsites.net\/news\/james-packer-decision-to-sell-was-right-as-austalian-vip-gambling-declines\/","title":{"rendered":"Packer Decision To Sell Was Right As Austalian VIP Gambling Declines"},"content":{"rendered":"\n
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Now that recent reports have confirmed that VIP spending in the Australian casino market<\/a> is in a free fall, it confirms that billionaire and former Crown Resorts chairman James Packer<\/strong>\u2019s decision to sell his shares in one of the country\u2019s largest gaming companies a few weeks ago has proven prophetic. <\/p>\n\n\n\n

The Star Entertainment Group which is the biggest competitor to Crown Resorts in Australia caught plenty of investors off guard recently as it revealed that VIP casino spending in the country has plummeted by 31 percent in the first six months of this year<\/strong>.<\/p>\n\n\n\n

Packer sold 19.9 percent, nearly half his stake<\/a>, in Australia\u2019s Crown Resorts at a loss in late May 2019 for $1.76 billion, effectively handing over the reins of the company to the Hong Kong-based entertainment conglomerate Melco Resorts<\/strong> which is chaired by Lawrence Ho.<\/p>\n\n\n\n

The $13 a share sell down perplexed many market analysts as it was well below the $14.75 per share bid offered by Wynn Resorts, the world’s No. 2 casino operator, for Crown Resorts earlier this year, and only marginally above the gambling firm\u2019s trading price. Wynn had scrapped its bid in April<\/a> 2019 after details of the deal were leaked to the media. Crown shares have since sunk to $12.11.<\/p>\n\n\n\n

Nine News Australia <\/strong><\/p>\n\n\n\n

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