PBL's new direction owes much to the old ways of Kerry Packer

When James Packer succeeded his late father Kerry as chief of Australian conglomerate Publishing and Broadcasting Ltd (PBL) in December, it was expected that he would put his own stamp on the company by taking it not only further into the gaming industry, but also farther offshore.

Under the senior Packer, PBL was focused strongly on the core media industries which had always been the company's - and the family's - bread and butter, and it was also focused firmly on Australia.

While Kerry Packer was famous around the world as a high-rolling gambler, regularly dropping millions on tables from Las Vegas to Monaco, his son is less concerned with beating the house, and more concerned with owning it.

Yesterday's deal for PBL and partner Melco International Development to pay A$900 million ($5.2 billion) to Wynn Resorts for a sub-licence to own casinos in Macau is proof of the direction PBL is taking under the new heir.

However, Marcus Padley, an analyst at stockbroker Tolhurst Noall in Melbourne, said he believed that although James Packer had been credited with the new gaming strategy, he believed Kerry Packer was involved right up to his death.

'I think you see with this deal that Kerry Packer was there, almost on his deathbed, driving strategy and inking this deal and this new strategy,' Mr Padley said.

'It shows a closeness between father and son, but also a realisation from them that after being involved with Asian high rollers at their Australian casinos, it made sense for them to become involved in Asia itself.