Tuesday, November 15, 2011

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Packer was educated at Cranbrook School in Bellevue Hill, Sydney. After obtaining the Higher School Certificate (HSC) at Cranbrook, Kerry decided it was time to toughen his son up to prepare him for the world of business. He was sent to his father's extensive Newcastle Waters cattle station in the Barkly Tableland of the Northern Territory, where he worked as a jackeroo. His father dismissed the idea of sending young James to university by saying "Why would he want to go there. To go learn to smoke marijuana?"[dead link]



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Packer was a director of Australian Telecommunications company One.Tel, which was declared insolvent during May 2001. The collapse of One.Tel cost PBL A$327 million. Packer admitted at a PBL Annual General Meeting that he had learned "painful lessons" from the collapse of One.Tel. Later at the liquidator's inquiry over the collapse he denied that he was apologising for his own personal conduct; instead he claimed, "I was making an apology for accepting the bona fides of Mr. Rich and a Mr. Heaney, and the executive directors of One.Tel."[citation needed]



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Since his father's death, Packer has moved away from the family's traditional media businesses, and focused on creating a worldwide gambling empire. The purchase of the Burswood Entertainment Complex in Perth, Australia added to PBL's gaming business. Packer has since added further gaming assets in Macau, in partnership with Lawrence Ho.[citation needed] He is also teaming up with Damian Aspinall, son of John Aspinall, in creating a group of casino complexes in Great Britain called Aspers. He already has a stake in casinos in London's West End, Swansea, and Newcastle.[citation needed] Packer's bid for a UK "supercasino" based in Cardiff fell through when only one licence was granted to the northern city of Manchester. PBL also owns 50% of the online gambling company Betfair. Packer also owns Melbourne's Crown Casino, Australia's largest casino. On 21 October 2010, it was reported in the Australian media that Packer had purchased a 17.88% stake in Network Ten. In late May 2011 Packer made a reported A$80 million investment in daily deals sites Scoopon and Catch of the Day through a partnership between his Consolidated Press Holding and several other investors, including Andrew Bassat - co-founder of Seek.com.au.





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