Casino mogul James Packer has successfully penetrated back into Australian casino operator The Star Entertainment Group, signaling the end of a four-year-old rivalry.
In a regulatory filing before the Australian Stock Exchange, The Star announced that investment company Ellerston Capital has increased its stake in the company, bringing its total bet to 5.07 percent.
Records showed that Packer, who owns Australian-listed casino operator Crown Resorts, have a 25 percent stake in Ellerston through his private investment Consolidated Press Holdings.
Ellerston claimed that Packer had no role in the company’s investment decisions even though it had been rumored last week that the casino billionaire snapped up Malaysian casino operator Genting’s stake in The Star, according to the Sydney Morning Herald.