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Crown Resorts Ltd. Chairman James Packer has been fined A$500 for a May 4 street brawl near Sydney’s Bondi Beach. The other man involved in the altercation, Nine Entertainment’s CEO David Gyngell has also been fined the same amount.
Both men were issued criminal infringement notices for offensive behavior.
The brawl took center stage last week as Australian media splashed photographs of the two men wrestling on the ground. The two men had previously been friends with Gyngell serving as best man at Packer’s wedding.
The fine is similar to that of a parking ticket, however, news of the fight negatively impacted Crown’s share price.
Crown shares rose about 0.2 percent in the first three days after news of the fight broke, outstripping a 0.4 percent decline in the S&P/ASX 200 index from May 2 to May 7.
- Aaron Goldstein, Gambling911.com
