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Packer says he might have to sell stake for Crown to keep licence – Sydney Morning Herald

Billionaire casino tycoon James Packer has acknowledged he may be forced to sell down his major shareholding in Crown Resorts in order for it to keep the licenc…

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The Independent Liquor and Gaming Authority inquiry was triggered by a series of reports by The Sydney Morning Herald, The Age and 60 Minutes last year about Crown’s junket partners, its failure to stop money laundering at its Melbourne and Perth casinos, and how it put its staff in danger of arrest in China.
Asked by Commissioner Bergin what could be done to address the “dysfunction” revealed at Crown, Mr Packer accepted that the inquiry might order him to reduce his stake in the company.
Cro…

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