Tracking Packer family deal making
June 17, 2024
Similar to this effort with the Murdochs, below is a chronology tracking Packer family deal making over the years.
June 24, 2022: Crown shareholders received the $13.10 per share offered by Blackstone.
November 19, 2021: Blackstone lifts its indicative bid to $12.50 per share.
May 31, 2021: 4 Corners broadcasts story looking at extraordinary deal making that delivered Crown's Barangaroo sky scraper.
January 2020: internal coup against Crown's executive chair John Alexander with Helen Coonan taking over as independent chair and Ken Barton becoming CEO.
July 2019: The Age and 60 Minutes let off their Crown bomb, which ultimately trigger the Bergin inquiry.
March 6, 2017: 4 Corners broadcast "Crown Confidential" looking at the China arrests and high roller business.
February 2017: Crown Resorts CEO Rowen Craigie departs with 5 days notice for investors after 20 years with the company, the last 10 as group CEO. John Alexander becomes executive chairman.
February 9, 2017: Daniel Andrews over-rides concerns by planning Minister Dick Wynne and approves new 90 storey Melbourne sky scraper to include 708 apartments and 388 hotel rooms.
August 2016: Crown Melbourne reports highest ever gambling revenue of $1.86 billion in 2015-16.
December 2015: James Packer resigns from Crown Resorts board after “transitioning overseas”, settling his family estate with sister Gretel and becoming comfortable with Ron Rankin as the new chair. Remuneration proposal dropped.
August 2015: Rob Rankin appointed non-executive chairman with former non-executive chairman and controlling shareholder James Packer becoming a “senior executive director” on a remuneration package to be negotiated.
August 22, 2014: Crown reaches this agreement with Victorian Government on expansion and new tax arrangements, just 3 months before the Victorian election. Agrees to pay $250m up front for a 17 year licence extension until 2050 plus another $250 million in 2033. Table and video games are expanded by 90 to 540 and granted an additional 128 pokies licences lifting the total to 2628. The new licence can only be amended with Crown's consent and includes compensation clauses in certain circumstances.
August 15, 2014: Crown Melbourne reports first annual drop in gambling revenue from record $1526 million in 2012-13 to $1521 million in 2013-14.
December 2013: Victorian Treasurer Michael O'Brien announced a proposed poker machines levy of $22,715 per machine which would have cost Crown $56 million a year on its 2500 machines and taken away about one fifth of James Packer's Melbourne business.
February 13, 2011: Peter Costello, James Packer and Michael O'Brien have dinner at the Flower Drum in Melbourne's China town.
October 18, 2006: CVC joint venture is launched valuing the media assets involved at a lofty $5.5 billion, freeing up cash that PBL can redeploy into its casino business.
September 25, 2006: PBL pays the Seek founder $35 million for an additional 2.4% of the company and also launched a bid for Carsales which allowed Fairfax to sell its 3% stake.
May 18, 2006: PBL-Melco agrees to pay $255 million for a parcel of land in Macau that will be the site of its third casino.
March 8, 2006: Crown adds Chris Mackay and Chris Corrigan to the board, replacing Robert Whyte and Sir Laurance Muir, who departed with immediate effect.
March 6, 2006: PBL and Melco agree to pay Wynne Corporation $US900 million for a sub-concession to building the last 2 casinos available in Macau.
February 9, 2006: Eddie McGuire appointed CEO of Nine, which didn't turn out well.
January 5, 2006: Seven and Ten agree to match PBL's $780 million bid for the AFL rights over 5 years.
January 3, 2006: Crown Melco withdraws from Singapore casino tender process due to high capital costs.
December 26, 2005: Kerry Packer passes away.
December 23, 2005: successfully won the auction for the AFL broadcast rights, wresting them off Seven for the first time in many years.
October 3, 2005: Carsales and ACP agree to pool their online advertising operations with PBL finishing up with 41% of Carsales, which has boomed ever since.
August 25, 2005: PBL announces that it's first Macau joint venture facility will be called Crown Macau, with an estimated opening data in the first half of 2007.
May 9, 2005: David Gyngell resigns as CEO of Nine after falling out with John Alexander and Sam Chisholm is appointed "executive director television" to lead the search for a new Nine CEO.
April 18, 2005: Seek floats on the ASX with PBL its largest shareholder with a 25% stake.
March 4, 2005: PBL shareholders voted in favour of buying 50% of Hoyts off the Packer family company.
December 14, 2004: PBL and WA News agree to buy Hoyts for an enterprise value of $520 million from ACP in a 50-50 JV. The business has been dramatically cut during the 5 years of Packer family ownership, reducing from
November 16, 2004: PBL announces binding joint venture with Melco to pursue casino opportunities in Macau with an initial commitment of $211 million.
October 27, 2004: PBL sells its 25% stake in Australian Financial Investments Group (AFIG) to GE Money for an after profit of $58 million.
August 24, 2004: PBL reaches more than 90% of Burswood.
April 27, 2004: PBL announced $686 million bid for Burswood based on $1.40 per share.
2000: Telstra tentatively agreed to buy PBL for $16.50 a share but Kerry Packer demanded $18 a share and the deal failed. Under the proposal, the Packers would have privatised Crown Melbourne for about $2 billion or the equivalent of $3 a share. Telstra subsequently went off and lost billions in their PCCW joint venture with Richard Li.
Copyright © 2024 The Mayne Report. All rights reserved
