Shares in James Packer’s Crown Resorts soared after the casino group announced a restructure into three new companies.
A short time ago, the shares were up 14% to $12.840.
Billionaire Packer, who owns 53% of Crown Resorts, has made no secret that he thinks the casino returns have been substandard.
The break up would create three businesses. One would hold the Australian interests, one with most of the offshore assets and a property trust to float 49% of the group’s land.
This effectively isolates the undeperforming Macau business and allows the Australian casinos to shine on their own.