Its founder James Packer set a mostly negative example. Elements of Packer’s former business partner Lawrence Ho are worth copying.
After Ho and Packer parted ways, their growth strategies diverged. Packer plowed $1.6 billion into an opulent resort overlooking Sydney’s harbour. The palatial property needed big spenders to make it commercially viable, but Crown’s VIP revenue Crown’s cosier relationships with the junkets cost shareholders in other ways. In 2019, Australian media exposed its feeble due diligence, which saw it rely on promoters allegedly linked to organised crime. Subsequent inquiries by local regulators showed Packer’s heavy-handed manipulation of the firm – even after he left the board – precipitated a governance crisis that culminated in watchdogs labelling the company unfit to hold casino licenses.