Casinos.co.uk: Casino News Archive
Wednesday 28th April 2004
Australia’s richest man shops for casino
Kerry Packer, whose family fortune is estimated at A$5.5 billion reaped from extensive agricultural, industrial and financial services holdings, is now venturing into a different league. The richest Aussie man has bid for Perth’s Burswood Casino. Packer’s listed flagship, Publishing and Broadcasting Ltd. (PBL) already owns 15.6 percent of Burswood at a deal estimated to be worth A$686 million.
PBL also controls the Nine-television network, the Australian Consolidated Press stable of magazines, a 25 percent stake in pay-TV operator Foxtel, and various Internet-related ventures.
Industry analysts say the new takeover would bifurcate the Australian casino industry between PBL and Melbourne-based Tabcorp, which owns the country's second biggest casino. It is also in the process of a A$2 billion takeover of Tab Ltd.
‘The offer represents fair value and was pitched at an attractive earnings multiple compared with other casinos in Australia,’ said James Packer, executive chairman of PBL and joint CEO of Consolidated Press Holdings, the controlling entity of the Packer empire.
Source:OnlineCasinoNews
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