Ex-Crown Boss James Packer Happy to Leave Stress of Job Behind Him

Packer gave his account of the past few years, speaking for the first time to a media outlet for at least several years, and since increasing scrutiny started into the business he is no longer a part of it. In an exclusive interview for The Nightly, Packer appeared relaxed, and drew some personal and professional red lines he would not ever cross.

Not Going Back to China – No Way

Among those was doing business in China. Packer’s divorce from Crown Resorts was an unpleasant one, with the executive dropping his AU$3.3 billion stake in the company, as the drama was unfolding, and accusations were flying. Crown Resorts was investigated over its relationship with Chinese high rollers who may have not complied fully with anti-money laundering laws. A total of AU$160 million was moved through the company’s gaming floors, allegations stood.

With the matter now settled, Packer used the interview to issue an apology, acknowledging that on his watch the company did things that it should not have done, and doubling down on his determination to avoid certain relationships – business or otherwise.

But the way the governments changed tax rates, changed deals, broke contracts … is a lesson to me in never wanting to be in regulated businesses again. I never want to go near a business like that again.

Former Crown Resorts boss James Packer

He said that there was “no way” he would return to China and do business there in any capacity. This is not just his decision, he said, but also that of most businessmen of his caliber who have been reluctant to pursue business ventures in the country any longer.

A Brighter Future for Crown Resorts and Packer

Optimistic about the future and spending more time in Australia, Packer was also happy with the way the Crown Resorts case was ultimately settled, with the company managing to embark on a redemption story, not least backed by the purchase of Blackstone which acquired the company despite the difficulties that it had been facing at the time.

Not every charge levelled against the company had gone to prove some nefarious motive or underhand dealing, however. Most recently in February, company CEO Ciaran Carruthers was cleared of allegations that he allowed back patrons who had been removed from security. Granted, this was only an internal investigation, but was a nice change from the usual media chatter surrounding the hospitality and gaming giant.