Elizabeth Knight

Elizabeth Knight comments on companies, markets and the economy.

Monday's Crown share price plunge has cut billionaire James Packer's paper wealth by about half a billion dollars.

China raids cost Packer half a billion dollars

Government raids on Crown Resorts' offices in China have sent the company's share price plummeting on Monday, cutting billionaire James Packer's paper wealth by about half a billion dollars.

Major shareholder James Packer said he was "deeply concerned" about the detentions of Crown staff.

Chinese government picks a fight with Packer

The Chinese Government appears to be looking for a showdown with Australian billionaire James Packer. His gaming empire, Crown Resorts, is reeling in response to the massive raids on its Chinese operations and the detention of 18 staff.