Two years ago we were writing about Australian billionaire James Packer's multimillion dollar wedding
but now Packer, who was once Australia's richest man (#173 on the Forbes billionaire list for 2008
), is finding himself in the same financial trouble that plagues so many and is cutting back. Packer's version of cutting back looks a little different from clipping coupons or forgoing the morning latté. The Sunday Telegraph report
s that Packer has put his $50 million 165-foot luxury yacht the Z Ellerston up for sale, has pushed back the purchase of a private Boeing jet and has held up construction of the huge backyard pool complex planned for Ellerston, the family property near Scone. Packer has also put a three-level apartment in London's Mayfair area up for sale. He also recently sold his stake in Consolidated Pastoral Company for about $425 million.
Don't feel too bad for Packer, he's still a billionaire, just less of a billionaire than he was a year ago. The bigger worry on the horizon for him is his Macau casino venture. Gaming revenues are on the decline in the Chinese gambling capital. Packer is involved in a joint venture
to open the $2.2 billion City of Dreams hotel and casino. Packer has invested much of his own money and investors' funds in Macau so much is riding on the success of the hotel.