The new legislation also establishes the Victorian Gambling and Casino Control Commission to regulate the Melbourne casino. The commission also recommended raising the maximum penalty for breaching casino legislation to A$100 million ($101 million) from just A$1 million. Limiting the ownership of casinos will prevent undue outside influence, while ensuring the independence of the casino operator’s board and senior management, the commission said in its 652-page report. While Packer currently owns 36% of Crown, he will have to reduce his stake to about 5% by September 2024 based on the commission’s recommendations. Packer claimed to have been born into a lower middle-class family. Over the course of his life, Packer became one of the most famous and influential evangelical leaders of his time. Packer, 54, had a net worth of $3.2 billion, according to the World Billionaire’s List published in April. James Innell Packer was born in a village outside of Gloucester, England, on July 22, 1926. He stepped down from the company’s board in March 2018 and resigned from the board of his family’s holding company Consolidated Press four months later. He’s remained fairly tight-lipped throughout his recent business dealings, but James Packer has broken his. Packer is the largest shareholder of Crown, which owns casinos in Australia and London, after taking over the empire of his late father, Kerry. James Packer opened up on his weight gain in a new chat. The acquisition is set to deliver billionaire James Packer a 3.36 billion payday in exchange for his 37 per cent stake in the company, which he has been involved with since 1999. Billionaire James Packer is reaping the benefits of a recent lifestyle overhaul. MELBOURNE, AUSTRALIA - OCTOBER 26: James Packer arrives to attend the Crown Resorts annual general.
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