Kerry Packer = James Packer

Kerry Packer had a technique of lightening off after a good run. He did this many times including with Channel 9 and Hoyts movie theatres. He traded his assets and had an eye for bad times ahead.

James has lightened off in Macau and halted in Las Vegas at a time he will need capital for the home front. This makes sense if economic conditions turn down as often happens towards the end of a decade. He will then be positioned for an upturn post 2020.

Melco Crown has a high value but produces negligible dividends. Going forward, Crown will return cash to SH, trade at a lower PE and have lower debt. The property spin off will still happen so the result will differ only slightly from the 3-way demerger.