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James Packer’s latest project is nearing completion

Tue, Apr 16, 9:17am by Staff Writer

One of James Packer’s biggest personal projects is inching closer to completion with a new yacht that Mr Packer reportedly spent $200 million on was built by Benetti in the Italian city of Livorno.

Casino News Daily is reporting that Benetti lowered the luxury yacht earlier this month in the Livorno port to celebrate the culmination of a four-year building process that hit multiple hurdles and delays.

The numerous obstacles before the vessel ballooned her initial budget of $120 million to an estimated $200 million.

Measuring 108 metres in length, FB275, as she has been referred to throughout the building process, is the longest yacht in the Benetti fleet.

Yacht is over 100 metres long

It is the third 100-plus metre “gigayacht” to be launched by the company over the past several months.

The Sydney Morning Herald reports that Mr Packer will name his new yacht IJE, the initial children – Indigo, Jackson and Emmanuelle – from his ex-wife Erica Packer.

It is still unknown when exactly the vessel will be delivered to Mr Packer.

It is a yacht that is significantly bigger than his modest 55 metre Amels, EJI, which he offloaded last September.

A 14.5 metre beam and soaring 30.4 metres in the air, the new vessel will be a true spectacle.

The megayacht’s exterior was designed by RWD and carries the British studio’s signature elegant lines.

The interior design of the stylish vessel was taken care of by Benetti’s own in-house creative team.

Plenty of features on new yacht

Key features include five decks, a cinema, sauna, heated swimming pool and an observation deck with seating area.

An owner’s deck will have its own seating and private areas in addition to those on the main deck.

FB275 is equally as impressive on a technical level.

The vessel’s propulsion system will power her to develop a top speed of 18.5 knots and reach a range of at least 6,500 nautical miles.

Benetti’s longest superyacht houses a 345,000 litre capacity tank that will enable it to  cruise the world without needing a regular refueling.

Mr Packer’s new luxury toy will potentially help him sail away from troublesome years from his casino business Crown Resorts.

The Australian gambling and hospitality giant had an event week last week as news broke that Wynn Resorts made a $7.1 billion bid to acquire it.

In a terse statement issued just hours after the companies confirmed they were in talks, Wynn Resorts said it was ending discussions with its Australian rival.

“Following the premature disclosure of preliminary discussions, Wynn Resorts has terminated all discussions with Crown Resorts concerning any transaction,” the company said in a statement on Tuesday morning in the US.

Crown Resorts is controlled by Australian billionaire James Packer, who earlier issued a statement saying Wynn had proposed to buy the company in a $10 billion cash and stock deal.

Wynn also released an SEC filing on Tuesday to say that Crown Resorts had issued a press released “about confidential discussions”.

The Las Vegas powerhouse abruptly pulled the plug on takeover discussions after details were leaked to the media.

Mr Packer owners 47 per cent in Crown through his Consolidated Press Holdings and has reportedly lost out on a $2 billion payout and 10 per cent stake in the combined Wynn-Crown entity as a result of the deal’s failure.

In 2018 he resigned as director at Crown, citing mental health issues.

A 19.6 per cent share price surge last Monday followed in the wake of the news of Wynn’s approach and Crown’s confirmation of the terms of the deal – cash and shares worth around $14.75 a share.

Crown shares fell to $12.96 on Monday.

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