..

Australia’ Crown Casino and James Packer on the Upswing

Written by:
C Costigan
Published on:
Apr/03/2009

Greg Tingle of Media Man Enterprises in Australia reports on positive news circulating around Australian gambling magnate James Packer and his Crown Casino venture

Tingle tells Gambling911.com:

"Australia's James Packer looks to be on the upswing again.  Face to face appearances with Sir Richard Branson, social gatherings and another potential investment into Las Vegas.  Maybe some of Branson's positive can do attitude has rubbed off on our James when they chatted in Melbourne last month. I can tell you from first hand experience that Branson's positive attitude pretty infectious.  He helped us go from 3 websites to 7 in the world financial recession period no less!  Recently Branson was quoted, ‘What recession?', so perhaps Packer may of the same sort of thinking.  

"One can bet that Packer would be keen to regain some of this financial wealth back which was halved in the past one year plus. One would think that if there are still some true casino ‘whales' left they would frequent Las Vegas of of course Macau, where Packer just happens to be pushing along Crown Macau and The City Of Dreams."

Tingle's remarks come on news that the Australian billionaire is considering taking a stake in City Center, the troubled Las Vegas development owned by Dubai World and MGM Mirage, according to a person with knowledge of the situation.

From the Wall Street Journal:

"Mr. Packer, whose Melbourne-based gambling company, Crown Ltd, has large casinos in Australia and China, is discussing the possibility of an investment in the project with Colony Capital LLC, a Los Angeles-based investment firm, according to this person.  Colony and Crown "would step in and take over the funding requirements. The idea is to keep City Center going," said the person, who is close to discussions."

But the project in question is not without its headaches.

While an investment from Colony and Crown could infuse much needed cash into the project to save it from bankruptcy, and keep it from shutting down, the $8.6 billion project has come under fire by Dubai World, the investment arm of the Persian Gulf state.  Dubai World is suing MGM Mirage over the project, citing mismanagement and cost overruns.

According to the Wall Street Journal, Dubai World so far has $4.3 billion invested in the project and skipped its regular monthly payment in March. MGM Mirage made the full $200 million payment, including Dubai World's share in order to keep the project going.

Alistair Prescott, Gambling911.com 

Gambling News

Can I Bet the Nathan's Hot Dog Eating Contest From My State?

Can I Bet the Nathan's Hot Dog Eating Contest From My State?

You can bet the Nathan's Hot Dog Eating Contest from just about every U.S. state courtesy of BetUS.

Adesanya vs. Pereira and Volk vs. Oliveira Fight Odds Released

Oddsmakers believe that Alex Pereira is up next for Adesanya with Pereira a slight +140 underdog.  Adesanya comes in at -160.  He was a -180 favorite Saturday night.

Where Can I Bet Sports From North Carolina Online?

Where Can I Bet Sports From North Carolina Online?

With news that a push to legalize mobile sports in North Carolina had officially failed on July 2, Tar Heel State residents need not fear. Sites such as NitroBetting, operating offshore, now allow individuals to place bets by simply providing their emails.

Winnipeg Jets to Name Rick Bowness Next Head Coach: Oddsmakers Got This One Very Wrong

Winnipeg Jets Look to Name Rick Bowness Next Head Coach: Oddsmakers Got This One Way Wrong

When oddsmakers at BetOnline released odds on the next head coach of the Winnipeg Jets, there was no price offered on Rick Bowness.

Mystic Zach bets 50 push ups on Volkanovski | UFC 276

Mystic Zach bets 50 push ups on Volkanovski | UFC 276

Mystic Zach and Rashad Evans make a bet on who they think will win the Co-Main Event of UFC 276. Alexander Volkanovski vs Max Holloway.

Syndicate