James Packer’s decision to end his alliance with fellow billionaire Lawrence Ho and retreat to Australia has already cost him and his fellow investors $2.5 billion and a big stake in one of the world’s most-ambitious casino operators.
Melco Resorts & Entertainment, the Ho family’s casino business, has surged since Mr Packer started to sell Crown Resorts’ shares in the company, which has mapped out a global expansion strategy similar to now-abandoned plans Mr Packer fostered for a decade.
Mr Ho was last week given approval to spend half a billion euros building Europe’s biggest casino complex in Cyprus, where he hopes to attract wealthy Russian, British and Middle Eastern gamblers.
Even though he has boasted of making “$3 …
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