Australian Gambling – Never let it be said that James Packer isn’t willing to share the spoils of success.
The second richest man in Australia has teamed up with one of China’s most aggressive investment firms, Greenland, in an effort to win the bid for Brisbane’s multi-billion dollar casino development.
Teaming up with Packer’s Crown Resorts, Greenland, which already has a number of big investments in Australia, will go head-to-head with another joint bid between Australia’s Echo Entertainment and Hong Kong billionaire Cheng Yu-tung.
Under the new deal with Packer, Greenland will be a joint developer and the sole operator of the casino and resort, while retaining an equity stake said to be up to 25 percent. Crown would also receive a management fee for its role in operating the facility.