James Packer Loses Nearly $700 million of Value in Crown Resorts
Australian gambling magnate James Packer reportedly lost almost $700 million of the value of his stake in Crown Resorts this week alone.
The Australian listed company, with heavy exposure in the Chinese market, had $1.48 billion wiped from its market value in the days following the detention of 18 of its staff in China. Three of those under detention are Australians, including at least one high ranking company executive.
Each of the individuals is facing up to 16 months prison time for alleged gambling violations though details remained murky heading into Friday, though the arrests are apparently linked to Crown’s direct marketing to so-called “whales” in China. It is illegal to promote gambling in mainland China.
The immediate long term financial impact to Crown could not be determined.
- Aaron Goldstein, Gambling911.com
