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Taking the Pac back

James Packer sells share of RatPac Entertainment

Less than 18 months after the opening of Studio City saw the likes of Leonardo DiCaprio, Martin Scorcese, Robert De Niro and Brett Ratner grace the stage of the opening ceremony – alongside Melco Chairman and CEO Lawrence Ho Yau Lung and Director of Crown Resorts James Packer (pictured) – the Crown director is selling his stake in RatPac Entertainment.
Packer created RatPac with producer-director Brett Ratner in 2013 and the sale represents the latest in a string of disposals by the Australian gaming mogul, including a December sale of its stake in Melco Crown, prompting the group to propose a name change to remove the ‘Crown.’
The sale was made to U.S.-billionaire Len Blavatnik, head of Access Industries, notes the Australian Financial Review, which speculates that the deal ‘would be at best for several tens of millions of dollars’ as the value was not disclosed to the public.
The publication notes a peak in Packer’s wealth in 2014, at US$7.19 billion, falling to last year’s US$5.08 billion after a series of personal events and global economic changes, as well as the crackdown in China, took their toll.