James Packer, Crown Casino Scraps Cannery Casino Resorts Deal

Australian billionaire James Packer, 41, has scrapped his plans, at least for now, for a $1.75 billion takeover of Cannery Casino Resorts LLC.  Had the deal gone through, Packer would have obtained three Nevada casinos. 

Packer’s Crown Casino enterprise, Australia’s biggest, rose 13.5 percent on the news- an especially good sign as the Australian media has been especially hard on Packer as of late. jamespacker

Packer’s fortune shrank to half this past year according to Forbes Magazine and Crown has lost 56 percent of its value.

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