Australian billionaire James packer has had a few more opportunities than most of us in life. Even though he inherited a media empire and its fortune from his father, Packer hasn’t allowed himself to remain complacent with this. Instead, he seeks to develop his own legacy, taking his own gambles that aren’t always paying off.
Rather than media, Packer believed there was a better future in gaming, which is why he used his money to build Crown Resorts, the biggest entertainment group in Australia. The company also has roots around the globe and has appeared in the news on several occasions.
After his father’s death in 2006, Mr Packer inherited an empire worth $5.2 billion. Most has been sold in pieces by Mr Packer, who worried about his father’s empire. He believes the decision to sell the assets was the correct one, especially as the Internet continues to make traditional media more pointless.
That said, it remained a gamble to attempt that hasn’t completely paid off since Mr Packer’s net worth is yet to fix itself. This is partially due to losing a few casino deals back when the financial crisis was high. This harmed his wealth, lowering it to $3 billion. However, now that gambling is recovering, so has the net worth of Mr Packer, rising to about $4.7 billion. That makes him the fourth richest in Australia.
As he sets his sights on the future, Mr Packer has plans to continue growing his online casino empire, which will help his net worth further. His Crown Resorts recently proposed a destination in Brisbane as well as a luxury six-start hotel resort to be placed in the middle of Sydney.
Mr Packer is a fortune one, having inherited his father’s empire. However, rather than being complacent, he took a risk to help secure his own legacy, which appears to be working now that Crown Resorts is growing rapidly globally.