NSW gaming regulator severely limits Packer's role in Crown Resorts
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[BENGALURU] Crown Resorts said on Friday the New South Wales gaming regulator has reached an agreement with billionaire founder James Packer which will limit his influence in almost all matters regarding the casino giant.
Under the arrangement with the NSW Independent Liquor and Gaming Authority (ILGA), Mr Packer cannot demand any information or initiate any discussions with Crown regarding its operations and cannot nominate a director to its board before October 2024.
Mr Packer holds a 37 per cent stake in Crown through Consolidated Press Holdings. He has been accused of "remote manouevring" despite holding no official role and enabling business with junket - or gambling tour - operators linked to organised crime.
This led to Crown losing its license to operate a flagship new casino on Sydney's waterfront in February this year. ILGA said Crown can hold a casino license in the state only if Mr Packer's influence on the company is considerably reduced.
The licences are key to a US$6.2 billion buyout offer the company got from Blackstone Group last month.
REUTERS
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