State governments have an opportunity to dilute James Packer’s hold on Crown. But will they take it?

James Packer appearing at the Crown inquiry (Image: Supplied)

Over more than 50 days of swashbuckling hearings, former NSW Supreme Court judge Patricia Bergin did a stellar job pulling apart Crown Resorts on behalf of the normally ineffective Independent Liquor and Gaming Authority (ILGA) of NSW.

Bergin produced some searing recommendations but stopped short of proposing a blanket 10% share cap on all investors, which is similar to what applies at Crown’s rival Star Entertainment. Instead, Bergin gave controlling shareholder James Packer some wriggle room by proposing that the ILGA must approve any shareholder who owns more than 10%.

During his evidence, Packer clearly felt that a hard 10% cap was coming, so he must have been mightily relieved when the ILGA went to water last week and struck a deal which allows him to keep his 37% stake.

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