Betting on each other

An investment company in which Crown Resorts’ James Packer holds a 25 per cent stake has increased its holdings in Australia’s other large gaming operator The Star Entertainment, having pushed its holdings over the 5 per cent mark after Malaysian gaming group Genting sold off its 5.6 per cent stake in the operator last week, according to The Age.
The investment company, Ellerston Capital is run by Ashok Jacob, a former associate of both Packer and his father and formerly on the board of Crown, notes the publication.
While Packer himself had sold his own 10 per cent holding in the rival gaming group, in 2013, Ellerston earlier this year noted that the long–term growth in tourism from China and Southeast Asia could be a potential boon for the company.