Peter Hitchner: Casino mogul, James Packer, has said goodbye to Hollywood, offloading his stake in the Oscar-winning movie house RatPac entertainment.
Finance editor, Ross Greenwood, tells us it’s the latest in a string of assets the billionaire is selling as he concentrates on project at home
Ross Greenwood: They’ve helped reduce some of the best movies in the past 10 years.
In total, RatPac’s co-financed 67 movies that have grossed more than $US10 billion worldwide.
But James Packer’s love affair with Hollywood has ended, just as it ended with ex-fiance, Mariah Carey.
Lori Flekser: There is a huge downside, and, and, most films actually lose money and it’s only a few successes that tend to finance development and production.
Ross: The linkbetween the two men is this man, Brett Ratner – he’s the Rat in RatPac
He introduced Kerry to Packer.
And to other movie pals including Leonardo DiCaprio, Robert De Niro, Brad Pitt, and Martin Scorsese.
They were part of a $70 million fifteen minute short film to celebrate the opening of Packer’s latest and last casino in Macau.
The Macau casinos have now been sold for $1.6 billion as part of a massive global sell-off to reduce his debt
John Stensholt: That here in Australia, there’s just less risk, is certainly a business here in Australia for James, and that’s probably the biggest thing he needs at the moment.
Ross: The pressure follows a $1.25 billion settlement with James’ sister Gretl, in late 2015.
It added pressure for packet to consolidate – he changed the management at Crown, that came after a ten employees were detained by Chinese authorities on allegations of illegally promoting gambling to high rollers – seven remaining custody.
For now, James Packer will concentrate on this – the $2 billion Crown (ASX:CWN) resort and casino at Barangaroo in Sydney.
It needs lots of high rollers to survive financially, and for them the stakes are high.
But the stakes are also increasing for James Packer.
Ross Greenwood; Nine News
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