James Packer Net Worth: A Look at the Australian Billionaire's Wealth

James Packer, an Australian billionaire tycoon and investor, hails from a lineage of notable figures in the media industry. His father, Kerry Packer AC, was a renowned media magnate, and his mother, Roslyn Packer AC, also played a significant role in their family's legacy.

 As the grandson of Sir Frank Packer, James inherited leadership over the family enterprise, Consolidated Press Holdings Limited, alongside stakes in Crown Resorts and various other ventures. 

How Rich is James Packer? 

James Packer, an Australian businessman, has a net worth of $3.7 billion. He comes from a wealthy family, with media mogul Kerry Packer as his father and Frank Packer as his grandfather. 

Packer now leads Consolidated Press Holdings Limited, a media investment company he inherited. Since 2005, he has been focusing on building a gaming and gambling empire.

Outside of business, James is known for his friendships, like with Tom Cruise. He was also involved with the Church of Scientology in Australia for some time.

James Packer Career Highlights

Starting in Investing 

After the dot-com bubble burst in the early 2000s, James Packer saw an opportunity. He invested in online classified sites like SEEK and Carsales. Packer believed that traditional newspaper companies relying on classified ads were at risk from online competitors, especially in areas like jobs and vehicle listings. 

Packer's bet paid off big time. He spent $33 million on a 25% stake in SEEK and made over $400 million in profit six years later. Similarly, his family's company, Australian Consolidated Press, bought a 41% stake in Carsales for $100 million, which later turned into $462 million.

Crown Resorts 

One of James Packer's major ventures has been with Crown Resorts, a prominent Australian gambling and entertainment company. It was formed in 2007 after the Packer family's firm, Publishing and Broadcasting Limited, sold off its gambling interests.

 Crown operates luxury resorts like Crown Melbourne and Crown Perth, boasting over 2,750 hotel rooms along with gambling facilities, villas, pools, spas, restaurants, and entertainment spots. In 2008, Crown tried to break into the Las Vegas gambling scene by buying almost 20% of Fontainebleau Resorts but suffered a complete loss the next year. 

They also faced setbacks with investments in Gateway Casinos, Station Casinos, and Harrah's Entertainment. However, they found success with the acquisition of London's Aspinall Club in 2011 and a joint venture with Betfair Group in 2014. 

Crown, along with Packer's friend Damian Aspinall, holds a 50% stake in the Aspers casino complexes in the UK. James stepped down as executive chairman of Crown Resorts in March 2018.

Later, James faced scrutiny in an independent inquiry into Crown's suitability for a casino license, where he admitted to making inappropriate threats against businessman Ben Gray. In early 2021, the inquiry found Crown unfit for a license due to Packer's behavior and the company's ties to questionable junket operators linked to organized crime. 

Blackstone, an American investment firm, took over Crown Resorts in early 2022. Packer sold his 37% stake in the company for $3.36 billion.

Other Business Ventures 

In addition to his main ventures, James Packer was involved with One.Tel, an Australian telecommunications company. Partly owned by Packer's family companies, Consolidated Press Holdings and Publishing and Broadcasting Limited, 

One.Tel faced financial ruin and was declared insolvent in 2001, leading to a loss of $327 million for Packer's firm. 

James also had success with RatPac Entertainment, a film production company he co-founded with filmmaker Brett Ratner in late 2012. RatPac Entertainment later partnered with Dune Entertainment, financing its first movie, the critically acclaimed and commercially successful "Gravity" directed by Alfonso Cuarón. 

Packer sold his shares in RatPac in 2017, though the exact amount remains undisclosed.

James Packer Controversies

In 2014, James Packer was involved in a public altercation at Bondi Beach with David Gyngell, a close friend and head of Channel Nine. Both were fined $500 for their disorderly conduct during the incident. 

In late 2016, Israeli Police began investigating reports of Packer giving gifts and benefits to members of Prime Minister Benjamin Netanyahu's family. James, seeking residency in Israel, has taken steps to comply with Israeli tax authorities. 

In February 2018, an Israeli Police report recommended prosecuting Netanyahu on corruption charges, alleging James provided the family with champagne, cigars, jewelry, and clothing valued at about $100,000. 

In March 2019, leaked text messages revealed promises from Kevin Tsujihara to actress Charlotte Kirk for auditions and acting roles in exchange for sex in September 2013. Packer, a friend of Kirk at the time, allegedly facilitated the encounters to exert personal influence. 

Kirk's lawyers filed a petition in September 2020 to lift a gag order, claiming Tsujihara engaged in non-consensual sex.

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