Pursuits

Billionaire Packer's Crown Buys Stake in Nobu for $100 Million

Crown joins owners Robert De Niro, Nobu Matsuhisa in chain
Nobu plans a number of new restaurant, hotel openings

Billionaire James Packer, co-chairman of Melco Crown Entertainment.
Photographer: Justin Chin/Bloomberg

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By Brett Foley

October 28, 2015 at 11:07 PM UTC

Updated on

October 29, 2015 at 10:02 AM UTC

This article is for subscribers only.

Crown Resorts Ltd., the Australian casino group controlled by billionaire James Packer, bought a 20 percent stake in Nobu for $100 million to extend its relationship with the global restaurant and hotel company.

The other 80 percent will continue to be held by existing owners and entities associated with Nobu Matsuhisa, Robert De Niro and Meir Teper, Crown said in a statement. Packer will be nominated to join the Nobu board as one of four directors.