More casino spending could be on the way from Australia's richest man.
James Packer has increased his stake in Australian gambling operator Crown to over 40 per cent following a recent purchase of shares, it has emerged.According to Bloomberg, the wealthiest man in Australia paid A$205 million (£116 million) for another three per cent of the firm, which operates major casino complexes in Melbourne and Perth.
Australian stock exchange rules dictate that a three per cent purchase of shares is the most Packer can acquire for six months without submitting a full takeover bid.
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Investment analyst Theo Mass told the news agency that the 42-year-old is expected to increase his spending on casinos, despite high-profile losses stemming from Crown's recent expansion into the North American market.
"Gaming and casinos are especially high on his list of priorities. There aren't many in the gaming industry at the moment who have that sort of money," Mr Maas said.
The Crown Entertainment Complex in Melbourne contains 2,500 electronic gaming machines and 350 table games, while Perth's Burswood Entertainment Complex is the only venue in Western Australia that offers electronic gambling and live table games.
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