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Most Recent Online Casino News

Packer in to Expand Casino Empire

Australia’s richest man, Kerry Packer, has thrown $580 million on the table in a bid to buy his second casino, Perth’s Burswood.

The bid, if successful, will make Mr Packer’s Publishing & Broadcasting Ltd by far the largest casino operator in the nation and give the company a virtual monopoly on the lucrative high-roller market, which hauls more than $25 billion in revenue to Australia, mainly from Asian gamblers.

PBL, which already owns Melbourne’s Crown Casino, flagged its intentions for Burswood in October last year when it snapped up a 14.2 per cent stake in the casino operator for $77.3 million, making it the largest single shareholder.

Mr Packer’s son, PBL chairman James Packer and chief executive Peter Yates met Burswood management in Perth yesterday to deliver the offer, and are believed to have paid a courtesy call on the West Australian Government.

Burswood directors were unavailable for comment last night, but are believed to have been in discussions with the Packer camp since October.

PBL said in a statement late last night that the company had received probity approval from the Gaming and Wagering Commission of Western Australia to acquire all of Burswood.

James Packer said the company believed the $1.40-a-share offer represented fair value. "It contains a material premium to Burswood’s current share price, a price which has been inflated as a result of speculation that has occurred since PBL (WA) acquired its strategic stake."

PBL chief executive Peter Yates said: "In our view this is an attractive and straightforward proposal for Burswood’s shareholders.

"PBL wants to further develop Burswood into a first-class entertainment venue which benefits the people of Perth and also generates significant international and interstate tourism revenue.

Read the entire article at: The Age 

2004 Online Casino News Archive


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