James Packer appearing at a NSW inquiry into Crown's suitability for a casino license. Its shares have recovered since a hammering revealed in 2019-20 accounts for Packer flagship Consolidated.

Young men have almost doubled the amount they spend on gambling each month.

1. Mr Packer is the largest shareholder of Crown Resorts, which owns casinos in Australia and London, although he stepped down from the board in 2018. His wealth is valued at $3bn (£2.3bn) according.
2. Billionaire James Packer has sold almost half of his stake in casino giant Crown Resorts to a Chinese entertainment company for 1 point 76 billion dollars.

Crown’s biggest shareholder James Packer was allegedly the driving force behind the high-roller push. Picture: Aaron Francis/The AustralianSource:News Corp Australia

The inquiry into Crown Resorts’ alleged facilitation of money laundering has been told James Packer’s involvement with Asian junkets was to build relationships but was “rare and superficial”.

Wrapping up his closing submissions to the NSW Independent Liquor and Gaming Authority probe on Friday, barrister Noel Hutley, acting for Mr Packer and his private investment company Consolidated Press Holdings, said the billionaire’s dealings with junket operators were only to build rapport to help Crown increase its market share in the high roller gaming sector.

It has been suggested Crown’s junket partners had links to organised crime in Hong Kong and Macau and laundered huge amounts of money at its Melbourne and Perth casinos.

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It has also been suggested by Commissioner Patricia Bergin that Mr Packer – despite resigning from the board of Crown in 2018 – was the driving force behind the company’s push to lure more VIP gamblers to the venues.

“The contention that Mr Packer and CPH had some overbearing influence over the affairs of Crown Resorts is simply not supported by the evidence,” Mr Hutley said.

He asserted it could not be said that any influence Mr Packer had on the company rendered Crown unsuitable to hold the licence for its new $2 billion-plus development at Sydney’s Barangaroo harbourside, which is slated to open next month but could be delayed, with Ms Bergin to hand down her decision on February 1.

The inquiry is determining whether Crown is fit to hold the gaming licence for its new Barangaroo casino.Source:Supplied

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“In addition there is no evidence that Mr Packer had any adverse impact on Crown Resorts or the public interest, and in fact … Crown and its shareholders had benefited from the involvement of Mr Packer and CPH over many years,” Mr Hutley said.

Counsel assisting Adam Bell has previously urged the commissioner to recommend to ILGA that it reconsiders its approval of Mr Packer as a “close associate of the licensee”, having regard to threatening emails he sent to an unnamed businessman in 2015 around privatising Crown.

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When Mr Packer testified at the inquiry, he labelled the conduct “shameful” but said his behaviour was a direct result of his battle with bipolar disorder.

Ms Bergin questioned why Mr Packer’s mental health issues were not disclosed to the board and senior management after he stepped down as a director.

Mr Hutley said: “He (Mr Packer) left quite appropriately at that stage when he realised he was not up to the job”.

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The reclusive billionaire remains Crown’s biggest investor, and the inquiry has heard he was given special treatment over others through a “controlling shareholder agreement” under which he and CPH were handed sensitive and confidential information.