James Packer facts for kids
Quick facts for kids
James Packer
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|---|---|
| Born |
James Douglas Packer
8 September 1967 Sydney, New South Wales, Australia
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| Education | Cranbrook School |
| Occupation | Former executive chairman of Publishing and Broadcasting Limited (PBL), Consolidated Media Holdings and Crown Resorts |
| Known for | Packer family |
| Spouse(s) |
Jodhi Meares
(m. 1999; div. 2002)Erica Baxter
(m. 2007; div. 2013) |
| Children | 3 |
| Parents |
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| Relatives |
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James Douglas Packer (born 8 September 1967) is an Australian businessman and investor. He is known for his work in media and casinos. James is the son of Kerry Packer, a famous media owner, and his wife, Roslyn Packer. He is also the grandson of Sir Frank Packer.
James inherited control of his family's company, Consolidated Press Holdings Limited. He also had big investments in Crown Resorts and other businesses. He used to be the head of Publishing and Broadcasting Limited (PBL) and Consolidated Media Holdings. These companies mainly owned media businesses. He was also the head of Crown Resorts.
As of May 2023, James Packer's wealth was about A$4.95 billion. This made him the eighteenth-wealthiest Australian. He was the richest person in Australia in 2006 and 2007. In June 2022, a company called Blackstone took over Crown Casinos. James Packer received A$3.36 billion for his share in the company.
Contents
Early Life and School
James Packer was born in Sydney, Australia. His mother is Roslyn Packer, and his father was the well-known media owner Kerry Packer. His grandfather was Sir Frank Packer, who also owned media businesses.
James went to Cranbrook School in Bellevue Hill, Sydney. After finishing school, he worked on his father's large cattle station in the Northern Territory. He worked there as a jackeroo, which is a trainee on a ranch. James has said he did not go to university because his school grades were not high enough.
He has mentioned that his father and business leader Albert J. Dunlap were important mentors for him.
Business Career
James Packer has been involved in many different businesses. He started by investing in internet companies. Later, he focused on casinos and entertainment.
Early Internet Investments
After the internet bubble burst around 2000-2001, James Packer saw new opportunities. He bought shares in online classifieds websites like Seek and Carsales.com. He believed that online companies would do better than newspapers that relied on ads for jobs or cars.
In 2003, he bought a 25% share in SEEK for A$33 million. Six years later, he sold most of his share for A$440 million. His family's magazine group, Australian Consolidated Press, also bought a large share in Carsales in 2005. This deal was worth a lot of money to Packer's companies.
Selling Channel Nine
In 2006, James Packer thought about selling Channel Nine and his family's magazine group. He wanted to use the money to invest in international gambling and tourism. He was worried about the future of free TV because of the internet and pay-TV.
In October 2006, Packer's team sold half of their media businesses to a company called CVC Asia Pacific. This deal was worth A$4.5 billion. The businesses included Channel Nine, Ninemsn, and Carsales. The new company was named PBL Media. Later, Packer sold more shares of PBL Media. By 2012, Channel Nine faced financial problems, and new owners took over.
One.Tel Company
James Packer was a director of an Australian telecommunications company called One.Tel. The company went out of business in May 2001. This caused a loss of A$327 million for Packer's family company, PBL. James Packer said he learned "painful lessons" from this event.
Years later, in 2014, James Packer and Lachlan Murdoch agreed to a A$40 million settlement over the One.Tel failure. This settlement was approved by the Supreme Court of New South Wales.
Crown Resorts Casinos
After his father passed away, James Packer shifted his focus. He moved away from media businesses and started building a global casino empire called Crown Resorts. This company owns and operates casinos and resorts in Australia and Macau. It also has a high-end casino in London.
In October 2017, Crown Resorts was worth over $8 billion. James Packer stepped down as the head of Crown Resorts in March 2018. In May 2019, he sold half of his share in Crown Resorts to Lawrence Ho.
In 2020, James Packer spoke at an inquiry about Crown's casino license in NSW. He admitted to making some "shameful" threats against a businessman. In February 2021, the inquiry found that Crown was not suitable to hold a casino license. This was partly due to Packer's actions and the company's links to groups involved in organized crime. In February 2022, The Blackstone Group bought Crown Resorts for A$8.9 billion. James Packer received A$3.36 billion for his shares.
Other Business Activities
James Packer has also invested in other areas. In 2010, he bought a share in Network Ten, a TV network. He later sold half of it to Lachlan Murdoch. He also invested in daily deals websites like Scoopon and Catch of the Day.
In 2012, Packer and filmmaker Brett Ratner started a company called RatPac Entertainment. Their first movie, Gravity, was a big success. It earned over US$100 million in its first five days. Packer sold his investment in RatPac in 2017.
In 2014, Packer bought a share in the South Sydney Rabbitohs NRL club. He became a partner with Russell Crowe in the club's ownership.
After selling his shares in Crown Resorts in 2022, Packer decided to simplify his investments. He now focuses on big technology stocks, artificial intelligence (AI), and property. As of June 2024, he holds large investments in companies like Nvidia, Meta, and Taiwan Semiconductor Manufacturing Company.
Personal Life
James Packer owns homes in Bondi Beach and Bellevue Hill in Sydney. His family also owns a large property called Ellerston Station in Scone. Since 2018, his sister, Gretel Packer, has owned this property.
After his first marriage ended, James Packer became friends with actor Tom Cruise. He started attending the Church of Scientology in Australia in 2002. He later said it was "helpful" but has since distanced himself from the church. In 2020, during the inquiry into Crown Casinos, James Packer shared that he has bipolar disorder.
Relationships
James Packer was engaged to actress Kate Fischer before they separated in 1998. He married Jodhi Meares in 1999, but they separated in 2002. Later, he married model and singer Erica Baxter in France in 2007. They have three children together: a daughter born in 2008, a son born in 2010, and another daughter born in 2012. James and Erica Packer announced their separation in September 2013.
James Packer and American singer-songwriter Mariah Carey were engaged in 2016. However, they broke up by October of that year. Packer later said the relationship was a "mistake" for both of them. In 2017, Packer paid Carey a settlement. In 2019, James Packer was dating Kylie Lim.
Helping Others (Philanthropy)
James Packer has supported many Australian medical groups. These include the Victor Chang Cardiac Research Centre and the Peter MacCallum Cancer Centre. He also supports mental health programs like Lifeline.
He is the founder of both the Packer Family Foundation and the Crown Resorts Foundation. In 2014, these two foundations started a large fund of A$200 million. This is one of Australia's biggest efforts to help others. The foundations work to support education for Indigenous Australians, arts and culture, and programs that help people connect in society. They focus on helping young Australians stay in school and learn.
The Packer Family Foundation has given $50 million to support Australian arts and cultural groups. It also helps fund arts education programs in less wealthy communities. This funding helps schools provide arts, music, and reading programs. These programs help students learn and stay involved in school.
Packer and his family foundation continue to support mental health programs. In May 2023, they donated $7 million to the University of New South Wales. This money is for mental health research, especially focusing on mood disorders.
Net Worth
James Packer first appeared on lists of wealthy people in 2006. This was after his father passed away and he inherited much of his father's wealth. His wealth was valued at A$7.25 billion then.
In 2008, he was the third-richest person in Australia with A$6.1 billion. This was the first time in 21 years that a Packer family member was not at the top of the list. His wealth dropped to about A$3 billion in 2009. However, by 2013, his wealth was estimated at A$6.0 billion.
In 2014, his wealth was A$7.19 billion, making him the third-richest Australian. By 2017, Forbes magazine estimated his wealth at US$3.9 billion. As of May 2023, his net worth was about A$4.95 billion, making him the eighteenth wealthiest Australian.
Wealth Rankings Over Time
| Year | BRW Rich 200 |
Forbes Australia's 40 Richest |
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|---|---|---|---|---|
| Rank | Net worth (A$) | Rank | Net worth (US$) | |
| 2006 | 1  |
$7.10 billion |
1 |
$5.20 billion |
| 2007 | 1 |
$7.25 billion |
1  |
$5.50 billion |
| 2008 | 3  |
$6.10 billion |
3 |
$5.30 billion |
| 2009 | 6 |
$3.00 billion |
1 |
$3.10 billion |
| 2010 | 6 |
$4.10 billion |
3 |
$3.50 billion |
| 2011 | 8 |
$4.16 billion |
3 |
$4.40 billion |
| 2012 | 6 |
$5.21 billion |
4 |
$4.50 billion |
| 2013 | 3 |
$6.00 billion |
3 |
$6.00 billion |
| 2014 | 3 |
$7.19 billion |
3 |
$6.60 billion |
| 2015 | 7 |
$6.08 billion |
4 |
$4.70 billion |
| 2016 | 7 |
$5.00 billion |
6 |
$3.50 billion |
| 2017 | 9 |
$4.79 billion |
9 |
$3.90 billion |
| 2018 | 10 |
$5.50 billion |
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| 2019 | 13 |
$4.94 billion |
9 |
$3.60 billion |
| 2020 | 13 |
$4.69 billion |
||
| 2021 | 15 |
$5.72 billion |
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| 2022 | 17 |
$6.00 billion |
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| 2023 | 18 |
$4.95 billion |
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| Legend | |
|---|---|
| Icon | Description |
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Has not changed from the previous year |
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Has increased from the previous year |
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Has decreased from the previous year |
See also
- List of NRL club owners
