James Packer May Go On US Casino Shopping Spree In 2010

James Packer has raised the money, and now he may be preparing to go on a casino shopping spree in the US in 2010. Packer has raised $900 million, and could use that money to start buying casinos that are in financial trouble in the US.

Casino companies in the US have been struggling because of the economic crash last year and some of these companies have started to sell off their assets. With Packer gaining the financial backing, some analysts believe it may be his time to make a major move into the US market.

"2010 could prove an opportunistic time to buy US casino assets," wrote Jenny Owen, a Citigroup analyst in Sydney, "Those assets could then be vended into Crown at a later date and a higher multiple."

While Packer is the majority owner of Crown, his Consolidated Press Holdings, which his family owns, does not look like they will use the money that Packer has raised to buy the sixty-four percent of Crown that Packer does not own. Still, it appears that any acquisitions Packer makes in the US could end up the property of Crown.

In the meantime, Packer is expanding his Crown Casino in Australia for the first time in ten years. An additional 150 table games, both poker and blackjack,will be added to the casino. It will help Australia raise over $100 million in revenue that will be used for health care.

In this year alone, several casino companies in the US have filed for bankruptcy protection. Billionaires such as Donald Trump, Neil Bluhm, and Carl Icahn have already began to snatch up some of the assets from these bankrupt companies or individuals.

September 8, 2009
Posted By April Gardner
Staff Editor, CasinoGamblingWeb.com
Submit News!

Casino Gambling Revenue Down Five Percent In Detroit For August
Australian Premiere Claims Poker Does Not Lead To Problem Gambling
$48,000 Nets Hard Rock Hotel And Casino Michael Jackson Glove
New Slot Machines A Big Hit At Florida Seminole Casinos
Gambling Profits Payout Could Land Yakama Nation In Trouble