Australian Casino Tycoon James Packer has raised more than $ 101 million (AUD) from selling one million subordinates at Crown Resorts Limited to the company last week, according to an Australian Exchange filing by the company holding Consolidated Press Holdings.
Private investment firm Packer Consolidation Press Holdings has a large stake in Crown Resorts and they have sold subordinated notes for $ 101.58 per share, or about 1.5% more of their face value from when they were issued, in 2012, giving the total estimated interest on sales of $ 1.5 million. On top of these figures, Packer also reportedly received a total of $ 489 million from a separate injection of a $ 0.3 dividend and a special payment of $ 0.8 raised from the sale of Crown Resort’s stock in Melco Crown Entertainment Ltd
The buy notes are part of http://220.127.116.11/ Crown’s plan to reduce corporate debt, increase returns to stakeholders, and increase share prices by overhauling the capital structure to focus more on local operations than global expansion. In line with these plans, the company had offloaded most of its stake in Melco Crown through several sales and abandoned plans for what would become their first US casino in Las Vegas.
The company, according to official plans, is also launching a buyback program what will see $ 500 million of common stock bought and has plans to buy back as much of the outstanding subordinated $ 422 million as they can. At the same time, they are working on opening a $ 2 billion VIP-only resort called Crown Sydney on Barangaroo, which is most likely to start 2020.