Two articles posted side-by-side at Drudge this morning:
Other interesting revelations this morning include James Packer’s deal to sell 50% of PBL, freeing up approx $9 billion for investing in casino interests throughout Asia, and Rupert Murdoch’s acquisition of 7.5% of rival Fairfax. Together these say a lot about the old media barons’ perceptions of future profitability, and the need to diversify while their capital is still worth something.
Personally I think Packer’s right on the money. Owning a casino would have to be the coolest, most lucrative gig there is. Apart from being a license to print money, you’d probably also be able to hit the front of the ‘$1.99 All U Can Eat Lobster’ buffet any time you want, no charge. Sweeeeeet!
One thing you’d have to watch out for though (apart from these geezers) – if you wind up buying a Picasso for a smidge over $US 48 million, and then some years later stitch up a deal to sell it for close to $US 140 million, make sure you don’t slip and put your elbow through it right before the cash is due to change hands.