{"id":186028,"date":"2021-09-17T05:24:38","date_gmt":"2021-09-17T12:24:38","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=186028"},"modified":"2021-09-17T12:53:10","modified_gmt":"2021-09-17T19:53:10","slug":"james-packer-selling-283-million-mega-yacht-as-crown-hits-headwinds","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/james-packer-selling-283-million-mega-yacht-as-crown-hits-headwinds\/","title":{"rendered":"James Packer Selling $283M Mega-Yacht, as Crown Resorts Hits Headwinds"},"content":{"rendered":"

James Packer is selling his yacht. The Crown Resorts billionaire listed the vessel for sale this week with international superyacht broker Burgess Yachts. The asking price is $283 million, around $83 million more than he paid for it in 2019.<\/a><\/p>\n

\"James
James Packer, inset, is selling his $283 million mega-yacht \u201cEJI,\u201d pictured. (Image: Daily Mail<\/em>)<\/figcaption><\/figure>\n

The yacht is named \u201cEJI,\u201d the initials of Packer\u2019s three children, Emmanuelle, Jackson, and Indigo, and was built by famed Italian ship-assembler, Benetti. On its website, Burgess raves about its \u201ctimeless sculptural exterior,\u201d describing it as the \u201cultimate world-cruising family yacht.\u201d<\/p>\n

\n

At 354 feet, it\u2019s the biggest yacht ever built by the Italian company, and one of the biggest private boats in the world. Onboard, it boasts a large heated swimming pool, a cinema, a nightclub accessible via an elevator, a barber\u2019s shop, and a \u201cvast lower deck gym.\u201d There\u2019s accommodation for 22 people in 11 cabins and 3,000 feet of outdoor deck space, including a private owner\u2019s deck.<\/p>\n<\/div>\n

Its 345,000-litre capacity tank means it can travel 6,500 nautical miles at 14 knots without the need to refuel.<\/p>\n

We\u2019re Going to Need a Smaller Boat<\/strong><\/h2>\n

It\u2019s intriguing that Packer is selling the vessel just two years after he bought it, particularly since he named it after his children.<\/p>\n

\n

The Age<\/em> notes that despite having a net worth of $3 billion, he may need to free up some cash flow. That\u2019s because he has been without his main source of income for over 18 months \u2013 Crown Resorts dividends, based on his 37 percent share in the company. The casino company won\u2019t be paying any this year either, because it\u2019s a condition of a new loan agreement.<\/p>\n<\/div>\n

The sale of the yacht is symbolic of a tough few years for Packer and Crown Resorts. The 54-year-old resigned from the company\u2019s board and largely withdrew himself from the business world in 2019, citing mental health problems.<\/p>\n

Since then, his casino empire has been far from shipshape. Following a regulatory inquiry in New South Wales, regulators pulled Crown\u2019s gaming license for its new $1.6 billion high-end casino property in Sydney.<\/strong><\/p>\n

The investigation<\/a> found Crown was guilty of\u00a0\u201cfacilitating money laundering, exposing staff to the risk of detention in a foreign jurisdiction, and pursuing commercial relationships with individuals with connections to Triads and organized crime groups.\u201d<\/p>\n

Troubled Waters<\/strong><\/h2>\n

It\u2019s no secret that Packer has been open to selling his shares in the recent past, but now may not be the right time. Some analysts believe that Crown Resorts\u2019 stock is undervalued because of regulatory headwinds and the impact of the pandemic \u2013 problems they believe will be surmounted.<\/p>\n

But a similar investigation is now underway in Victoria, and tax evasion has been added to the list of accusations. That means the license for Crown\u2019s flagship Melbourne casino also hangs in the balance.<\/strong><\/p>\n

Meanwhile, the company is also under investigation by Australia\u2019s financial crime unit, AUSTRAC, for facilitating money laundering, and heavy financial penalties are expected.<\/p>\n

Crown\u2019s auditor KPMG said recently there were \u201cmaterial uncertainties\u201d about whether the operator can continue as a going concern in the light of these factors.<\/p>\n","protected":false},"excerpt":{"rendered":"

James Packer is selling his yacht. The Crown Resorts billionaire listed the vessel for sale this week with international superyacht broker Burgess Yachts. The asking price is $283 million, around $83 million more than he paid for it in 2019. The yacht is named \u201cEJI,\u201d the initials of Packer\u2019s three children, Emmanuelle, Jackson, and Indigo, […]<\/p>\n","protected":false},"author":36,"featured_media":186029,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[62,10],"tags":[],"acf":[],"yoast_head":"\nJames Packer Selling $283 Million Mega-Yacht as Crown Hits Headwinds<\/title>\n<meta name=\"description\" content=\"James Packer is selling his yacht \u201cEJI\u201d for $283 million as a lack of dividends from Crown Resorts may be killing his cash flow.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/james-packer-selling-283-million-mega-yacht-as-crown-hits-headwinds\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"James Packer Selling $283 Million Mega-Yacht as Crown Hits Headwinds\" \/>\n<meta property=\"og:description\" content=\"James Packer is selling his yacht \u201cEJI\u201d for $283 million as a lack of dividends from Crown Resorts may be killing his cash flow.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/james-packer-selling-283-million-mega-yacht-as-crown-hits-headwinds\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2021-09-17T12:24:38+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-09-17T19:53:10+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/09\/packer.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1908\" \/>\n\t<meta property=\"og:image:height\" content=\"1146\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Philip Conneller\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@casinoorgphilc\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Philip Conneller\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/james-packer-selling-283-million-mega-yacht-as-crown-hits-headwinds\/\",\"url\":\"https:\/\/www.casino.org\/news\/james-packer-selling-283-million-mega-yacht-as-crown-hits-headwinds\/\",\"name\":\"James Packer Selling $283 Million Mega-Yacht as Crown Hits Headwinds\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/james-packer-selling-283-million-mega-yacht-as-crown-hits-headwinds\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/james-packer-selling-283-million-mega-yacht-as-crown-hits-headwinds\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/09\/packer.jpg\",\"datePublished\":\"2021-09-17T12:24:38+00:00\",\"dateModified\":\"2021-09-17T19:53:10+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/58769b72851c8cf117fb58ca150ebf8b\"},\"description\":\"James Packer is selling his yacht \u201cEJI\u201d for $283 million as a lack of dividends from Crown Resorts may be killing his cash flow.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/james-packer-selling-283-million-mega-yacht-as-crown-hits-headwinds\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/james-packer-selling-283-million-mega-yacht-as-crown-hits-headwinds\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/james-packer-selling-283-million-mega-yacht-as-crown-hits-headwinds\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/09\/packer.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/09\/packer.jpg\",\"width\":1908,\"height\":1146,\"caption\":\"James Packer, inset, is selling his $283 million mega-yacht \u201cEJI,\u201d pictured. 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