How Mariah Carey’s ex James Packer makes and spends his billions: from losing his cash cow Crown Resorts and struggling with controversies, to investing millions in Paramount and luxury properties
- The gambling tycoon inherited much of his wealth and was known for his casino biz Crown Resorts, but controversies impacted its financials, with Packer eventually stepping down from its board
- He paid Mariah Carey a US$50 million ‘inconvenience fee’ when they called off their wedding; he also splurged on the former pad of J.Lo and Ben Affleck, private jets and a US$189 million superyacht
The chips may sometimes be down for “Casino King” James Douglas Packer, but the businessman still has an eye-watering fortune and a spot in the cushy billionaires’ club.
Through the success of his global Crown Resorts business and other investments, he was once worth around US$6.6 billion, per Forbes, making him one of the richest men in Australia. Several financial crises and family issues later, he is worth less than half that, with Forbes estimating his net worth to be around US$2.7 billion now.
Here is how Packer makes and spends his money.
The Packer family business
James was born on September 8, 1967 into money. The only son of media moguls Kerry Packer and Roslyn Packer, and the grandson of tycoon Frank Packer, he inherited the family business, Consolidated Press Holdings Limited, and numerous other investments.
Among these was Crown Resorts, with which he would eventually make his name – and stir up controversy. Per Forbes, his father Kerry grew the media company into a broadcasting publishing empire, which at one point had an estimated worth of around US$5 billion. Then James took over and, although his fortune skyrocketed to US$6.6 billion, he is now worth around US$2.7 billion, making him the 17th richest person in Australia in 2023.
The casino controversy
Crown Resorts owns resorts – of course – as well as high-end private clubs in Australia and London and online betting services. It also has a stake in Nobu. It was Packer’s cash cow for decades, and with expansion into the US and China, increased revenue was expected.
But a series of controversies impacted the financials. Among these, noted The Guardian, was US$5.6 million in cash found in a cupboard at a casino in Melbourne suggesting money laundering, money deposited into the business through the wrong channels, and high-risk activities that lead to the arrest of 19 staff in China in 2016.
The events threw the company into the spotlight and shook up its leadership, with Packer quitting as director in 2015. His return to the board in 2017, as reported by the Financial Times, wasn’t enough to save the sinking ship. He stepped down from this and over 20 other boards a year later, citing mental health issues, reported Reuters.
But his stake in the company, reportedly around 36 per cent, still made him a fortune. Especially in June 2022 when investment giant Blackstone bought Crown in a deal worth around US$6.4 billion, per Bloomberg.