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Packer raises A$4.5b to fund casino expansion
Message was posted: 05:56 Oct 21st, 2006

User: Money Talks Rank: Casino Gold: 569CG Contributor rating: 1240 Status: Offline

Casino news from http://www.btimes.com.my/ James Packer, Australia's richest man, is raising A$4.5 billion (A$1 = RM2.77) by selling half of Publishing & Broadcasting Ltd's media assets to fund his casino expansion in Asia and Europe. The assets, including Nine Network and the nation's biggest magazine publisher, will be sold to a new company jointly owned by Publishing & Broadcasting and buyout firm CVC Asia Pacific Ltd, the Sydney-based company said yesterday. Packer said he will expand his gaming interests in Macau, where he's developing three casinos, and has joined a bid for Singapore's second casino-resort. He also keeps control of a media group that includes Australia's most-watched television network, the Bulletin magazine and stakes in Internet sites ninemsn and carsales.com.au. "The restructure will provide the capital and flexibility necessary for the company to achieve its ambition to expand its international gaming interests," Packer said. Packer has teamed with Lawrence Ho, the son of Hong Kong billionaire Stanley Ho, to build casinos in Macau, which will overtake Las Vegas as the world's biggest gambling destination, according to gaming researcher Globalysis Ltd.