Packer's wealth falls - The Sydney Morning Herald - 18th September 2008

James Packer's gambling company, Melco Crown, which trades on the Nasdaq, is down 23 per cent in the past three days - versus a 7.5 per cent fall by the broader Nasdaq Composite index - on rumours it had split with the company that organises gamblers to visit its Macau casino.

Amax Holdings, which provides the high-rollers, was yesterday forced to come out and deny the whispers.

Packer's Consolidated Media Holdings dropped 5 per cent yesterday, closing at $2.79, as speculation continued about who was behind the large share shuffle late on Wednesday afternoon, in which about 1.4 per cent of the company changed hands for $28 million.

No announcements were made about movements in the holdings of the two substantial investors possibly involved - JPMorgan and 2Fic Inc - which led market players to conclude it was a technical trade to cross shares, which happens if an investor switches brokers and transfers shareholdings.

Kerry Stokes's Seven Network is still believed to own about 4.82 per cent of Mr Packer's media investment company, staying under the 5 per cent threshold at which it would have to reveal its hand.

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