Explosive revelations show James Packer's Crown empire lost $400MILLION in the last year and had $600million wiped from its value as casino giant is taken to task by inquiry in NSW
Billionaire James Packer's private company lost a reported $400million in the last financial year and Crown Resorts had more than $600million reduced from its value, damning financial statements have revealed.
Consolidated Press Holdings, which owns close to a 40 per cent stake in the casino operator, posted a $402million loss for the year ending June 30, 2020.
It's profit revenue was only said to be $16million, compared to a $46million profit from the previous financial year.
Much of the significant deficit was due to the dwindling Crown share price - down more than 25 per cent - as well as the suspension of dividend payments, The Australian reported.
James Packer's (pictured above) private company lost $400million in the last financial year and Crown Resorts had more than $600million wiped from its value according to recent financial disclosures
The opening of Crown Sydney (pictured above) has been delayed until at least February 2021 following an investigation by the Independent Liquor and Gaming Authority
The gaming giant also attracted unwanted headlines this year after a NSW inquiry heavily scrutinised the company's operations ahead of the planned opening of Crown Sydney in December out of Barangaroo.
The opening of the casino, which will exclusively cater to high roller gamblers, has since been delayed until at least February next year.
The Independent Liquor and Gaming Authority refused to approve the opening of Crown Sydney to the public following explosive admissions that money laundering had 'probably taken place'.
In addition, they discovered Mr Packer had certain agreements in place where he received confidential information.
The COVID-19 pandemic from March onwards this year also saw the temporary closure of Crown's Melbourne and Perth casinos, which saw the company opt to cancel its final dividend for the 2020 financial year.
Consolidated Press Holdings accounts lodged with the Australian Securities and Investments Commissions offer a false insight into Mr Packer's obscene wealth.
Accounts show CPH's net assets reduced $646million to end the financial year at about $3.88billion.
However, a number of CPH private assets performed strongly in 2020, offering some welcome respite for Mr Packer.
Some of those private investments firm include Uber, venture capital firm Square Peg Capital and Fiverr, who offer global freelance services for businesses.
Crown Casino (pictured above) was closed earlier this year in Melbourne in a bid to curb the spread of the coronavirus
Crown Sydney (pictured above) will look to finally open its doors to the public in February next year