James Packer must think Crown Resorts shares are undervalued based on recent purchases by his holdco. Although on a smaller scale, Steve Wynn has also bought a small number more of Wynn Resorts shares. I guess these billionaires figure Macau is due for a turn of fortune. They will probably be right in the long run.
James Packer, Australia’s third-richest man, is in talks to return some of his casino assets to private ownership, people with knowledge of the matter said. Packer’s Consolidated Press Holdings Pty has been speaking with private equity firms and pension funds about a possible joint bid for some assets of his publicly traded Crown Resorts Ltd., which has a market value of A$7.9 billion ($5.7 billion), according to the people.