Packer Expanding Into Asian Casinos

He is in talks with Japanese corporations to set up a partnership to build a $5 billion casino complex in Japan in time for the 2020 Tokyo Olympics. Packer’s Asian joint venture Melco Crown, with Hong Kong entrepreneur Laurence Ho, runs the City Of Dreams resort in Macau.

It also tends talks with governments of South Korea and Vietnam.

Crown Melbourne is worth $6.8 billion, according to media reports. Packer’s earlier foray into North America lost $2.6 billion, said Forbes.

His investment in casino properties in Las Vegas, Pennsylvania and Canada coincided with the global financial crisis. Gambling is not yet legal in Japan but all signs point to new legislation that would allow at least limited gambling soon.