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Terrified Packer had $5b of debt: report

James Packer has reportedly admitted his engagement to Mariah Carey was a mistake and revealed he held $5 billion of debt in Crown and CPH just two years ago.

Businessman James Packer

James Packer has reportedly admitted his engagement to Mariah Carey was a mistake. (AAP)

One of Australia's richest men, James Packer, has reportedly revealed he once had more than $5 billion of debt in his two biggest companies.

The gaming tycoon held more than $3 billion of debt at Crown and $2.3 billion of debt in his private company Consolidated Press Holdings two years ago.

"I was terrified," Mr Packer said in a story by the Weekend Australian.

"Then a year later I've got China falling apart, the Australian casino businesses missing budgets by big amounts, I've got Mariah breaking up with me and I'm thinking 'f...'."

In October 2016, Crown casino staff were arrested in China - the same month that Packer broke off his engagement with US singer-songwriter Mariah Carey.

Mr Packer's explanation for his split with Carey was simple - it's complicated.

"I was at a low point in my personal life," Mr Packer said.

"She was kind, exciting and fun. Maria is a woman of substance. She is very bright. But it was a mistake for her and a mistake for me."

Mr Packer has returned to Australia for the first time in two years to attend the annual general meeting of his company Crown Resorts in Melbourne next week.


2 min read

Published

Source: AAP



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