2.4 Billion Gambling Acquisition Considered
- July 11th, 2008
- Posted in Casinos Online, Gambling Industry, Gambling Rumors, US Gambling
J. Packer is reported to be considering the acquisition of a $US2.4 billion chain of US casinos that spreads across six states, a move that would instantly triple his presence in the American market. According to a note to clients of broker UBS, which cites a US gambling industry journal, Crown is a likely bidder for takeover target Ameristar Casino as its eight casinos are considered a perfect fit with Crown’s growing collection.
Mr Packer is executive chairman of Crown, the gambling company that emerged from Publishing and Broadcasting (PBL) as part of the company split-up late last year. He has rapidly created a global casino empire since he freed up cash in the demerger. Ameristar shares have been trading at record lows but have risen in recent days on strong speculation of an imminent bid. With low share prices plaguing the entire industry I think it is a safe bet that we will be seeing a lot of these types of mergers in 2008-2009.