James Packer, Australia’s richest man, has raised the stakes in a bet that has so far lost at least $1bn, reports Bloomberg. Packer paid A$205m ($186m) to increase his stake in Crown, Australia’s largest casino owner, to more than 40%, according to a Tuesday filing. Under Australian rules, the purchase of 3% percent of Crown’s shares is the most he can make for six months without making a full bid.

This entry was posted by Gwen Robinson on Wednesday, October 14th, 2009 at 4:36 and is filed under Capital markets, People. Tagged with Crown, james packer. Edit this entry.