James Packer facts for kids

James Douglas Packer (born 8 September 1967) is an Australian billionaire businessman and investor. He is the son of the famous media owner Kerry Packer and the grandson of Sir Frank Packer.

After his father passed away, James took control of the family company, Consolidated Press Holdings. He became known for his work with Crown Resorts, a company that runs casinos and hotels. He was once the richest person in Australia.

As of May 2023, the Financial Review Rich List said he was worth about A$4.95 billion, making him one of the wealthiest people in Australia. In 2022, he sold his part of Crown Resorts for A$3.36 billion.

Early Life and Education

James Packer was born in Sydney, Australia. His father, Kerry Packer, was a famous media businessman, and his mother, Roslyn, is known for her charity work.

He went to Cranbrook School in Sydney. After finishing high school, he didn't go to university. Instead, he worked as a jackeroo (a trainee farmhand) on his father's huge cattle station in the Northern Territory. He has said that his father was one of his most important teachers in life.

Business Career

Smart Investments

In the early 2000s, when many internet companies were failing, Packer saw a big opportunity. He believed that online advertising would become more important than ads in newspapers.

He invested in websites like Seek (for job ads) and Carsales.com (for car ads). These investments turned out to be very successful. For example, he bought a part of SEEK for A$33 million and sold it six years later for A$440 million.

Changing the Family Business

Packer decided to move the family business away from traditional media, like television and magazines. He was worried that free-to-air TV stations like Channel Nine would struggle because of the internet and pay-TV.

In 2006, he sold half of the family's media businesses, including Channel Nine, for A$4.5 billion. He later sold more of his share. This allowed him to focus on building a global tourism and gaming business.

A Difficult Lesson: One.Tel

Packer was a director of a phone company called One.Tel. In 2001, the company failed and went out of business. This was a major financial loss for Packer's family company, costing it A$327 million.

Packer later said that he learned "painful lessons" from this experience. In 2014, Packer and another director, Lachlan Murdoch, agreed to a large settlement to help pay back some of the money lost when the company collapsed.

Crown Resorts

After his father's death, Packer focused on building a worldwide gambling and resort empire called Crown Resorts. The company owns and runs casinos and luxury hotels in Australia and London.

In 2018, Packer stepped down as the head of Crown Resorts. Later, an official investigation looked into whether Crown was suitable to hold a casino license in NSW. The inquiry found some serious problems with how the company was run.

In 2022, a large American company called The Blackstone Group bought Crown Resorts for A$8.9 billion. Packer owned 37% of the company and received A$3.36 billion for his shares.

Other Business Ventures

Over the years, Packer has been involved in many other businesses.

• Filmmaking: In 2012, he started a film company called RatPac Entertainment with filmmaker Brett Ratner. The company helped fund successful movies like Gravity. He sold his part of the company in 2017.
• Sports: In 2014, he became a part-owner of the South Sydney Rabbitohs rugby league team, along with actor Russell Crowe.
• Tech Investments: After selling his stake in Crown, Packer began investing in major technology companies. By 2024, he had large investments in tech giants like Nvidia, Meta (the company that owns Facebook), and Taiwan Semiconductor Manufacturing Company.

Personal Life

Packer has lived in different places, including Sydney's famous Bondi Beach. His family also owns a large property in rural New South Wales called Ellerston Station. In 2020, during the public inquiry into Crown, Packer shared that he has bipolar disorder.

Relationships and Family

Packer was engaged to actress Kate Fischer before they separated in 1998.

He married designer Jodhi Meares in 1999, but they separated in 2002. In 2007, he married singer and model Erica Baxter. They have three children together: a daughter born in 2008, a son born in 2010, and another daughter born in 2012. The couple announced their separation in 2013.

In 2016, Packer was briefly engaged to American singer Mariah Carey. He later said the relationship was a "mistake" for both of them.

Helping Others

Packer is known for his philanthropy, which means giving money to help others. He founded the Packer Family Foundation and the Crown Resorts Foundation.

In 2014, these foundations started a A$200 million fund to support important causes in Australia. The fund focuses on:

• Indigenous Education: Helping Aboriginal and Torres Strait Islander students succeed in school.
• Arts and Culture: Supporting museums, theaters, and art programs, especially in communities with fewer resources.
• Mental Health: In 2023, Packer and his foundation gave millions of dollars to support mental health research at the University of New South Wales and to help the organization Lifeline.

Net Worth

James Packer became one of Australia's richest people after he inherited his father's wealth in 2005. His net worth (the total value of everything he owns) has gone up and down over the years with the success of his businesses.

• In 2006 and 2007, he was the richest person in Australia.
• His wealth dropped during the global financial crisis but grew again as his casino businesses became more successful.
• The Financial Review Rich List estimated his wealth at A$4.95 billion in 2023.

Packer owns many luxury items, including a superyacht, a private jet, and a helicopter.

See also

• List of NRL club owners