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.
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