SYDNEY: Crown Resorts Ltd billionaire James Packer has endured blow upon blow for more than three years: a bruising clash with Chinese authorities and at least two aborted deals with suitors.
Now the 52-year-old faces another potential ordeal. The first set of public hearings starts today to consider media reports that Crown used agents linked to drug gangs, human traffickers and money launderers to attract wealthy Chinese gamblers to its casinos.Ultimately, the probe will assess if Crown should keep its licence to run a A$2.2bil (US$1.5bil) Sydney harbourside gaming development that Packer has championed for almost a decade. His 37% stake in Crown, a company with a market value of A$8bil, is his single-biggest investment.
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