«James Packer-backed investment firm bets big on casino rival The Star
The Star Entertainment Group casino operator has announced that James Packer the distinguished mogul of game industry has managed to get back to its Australian enterprise, which ends the unfruitful rivalry lasted four year.
The Company named Ellerston Capital is dealing with the members of the Stock Exchange of Australia, and the Star announced that it has increased its participation in the Star Company to more than 5 percent.
Mr. Packer, the above-mentioned owner of Crown Resorts, one of best known casino operators, included in the list in Australia got a quarter of Ellerston capital just having made his investment into the Holdings of Consolidated Press.
Nevertheless, Ellerston continues to state that James does not influence the decisions on investments of Company. However, there were some rumors several days ago that the casino mogul, James Packer, snapped up the stake of Genting of casino operator of Malaysian. According to some Sydney newspapers, it happened in The Star.
We should remember that Genting handed over more than 5.5 % stake to the Star, and now AUD233, 000, 000 are involved in the process. Four years ago, in 2013, he sold his one tenth of the share to Ellerston and it was the sign of his returning to the Star.
There was the letter of Ellerston pointed out the continuation of flooding of Chinese tourists and Asians from the South East to Australia. VIP activities declined and Ellerston claims, that it promotes the Star and makes this option of investment more attractive.
The share price of the Star is now is an accomplished fact.
Ellerston investment fund mentioned in its newsletter that they saw the potential of growing of Star Company, which had developed its strategies.
Grown acquisition of the Star is going to result in ranging from more than 80 million up to 135 million of Australian Dollars. Citi claims that a Crown takeover of Star Company is capable to raise casino profits by not less that 20 percent.
Citi predictions continue to confirm that Star Casino makes it correct way to the mass market and the brand of Packer named Crown Sydney would be growing, too.