James Packer Lost $460 Million As Crown Casino Shares Tanked

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Crown shares fell 43¢, or 2.8%, to $14.75 on Friday. This is bad news for James Packer.

Having ownership of 50% of Crown, the drop in share price means the value of his 364 million shares fell from $5.83 billion to $5.37billion – a whopping $460 million loss.

This follows Crown’s announcement this week that it has outlaid $303 million on the development of a new casino resort it plans to build in Las Vegas.

The volatile share price could be a sign that investor confidence is wavering.

The last time Packer invested in the Las Vegas, just before the GFC hit, it resulted in a $2 billion write off for its Melbourne-based company.

But executive vice president Todd Nisbet is reported as saying this time is Crown taking control of its own development and getting “in on the ground floor” of a project.

Crown will report its full year result next Thursday.

Read more here.

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