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Posted At : December 5, 2008 04:26 PM | Posted By : D McKee
Related Categories:
Cannery Casino Resorts,International,James Packer,Regulation,Macau
There may have been more to James Packer's inability to attend his scheduled Nevada Gaming Control Board appearance than not having a plane ticket (which was more or less the official excuse). Today's Sydney Morning Herald reports that Packer's Crown Ltd. can't close on its purchase of Cannery Casino Resorts until early '09. So, being unable to arrange a flight from Australia to Las Vegas works out rather conveniently, no?
Not coming soon to a theater near you: Macau Studio City.
Even so, Crown assures the investment community that, once some i's are dotted and t's crossed, it'll have $900 million for additional casino purchases. And if ever there was a buyer's market for casinos, we're entering it. Then again, Packer has a history of rolling snake eyes on casino investments (Station Casinos, Harrah's Entertainment, Crown Las Vegas, and the all-but-dead Macau Studio City. City of Dreams isn't looking too hale, either. Oh, and even employees at volatile Crown Macau are being furloughed; but management says they're really happy about it).
Meanwhile, let's hope that the next time Mr. Packer has an appointment with Nevada regulators the dog doesn't eat his homework the night before.
Server-based gambling takes off. See, you skeptics! You said it would never happen, didn't ya? The joke's on you!
Oh ... hold on ... what's that? The "high-potential gaming market of Cambodia," you say? To be followed by the cleaner-than-a-hound's-tooth Philippines?
On second thought, forget I said anything.
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