Billionaire James Packer might sell Crown stake in damage control to protect Crown Resorts after horror revelations at casino licence probe

Reclusive billionaire James Packer has signaled he might sell down his major shareholding in the casino giant Crown Resorts after a New South Wales gaming inquiry heard more evidence of poor safeguards to prevent money laundering and exposure to organised crime. 

Mr Packer acknowledged Crown's licence to operate a casino at Barangaroo in Sydney could be in jeopardy, labelling the revelations as a "shocking experience". 

ABC's Peter Ryan is covering the inquiry and says Mr Packer seems likely to sell at least some of his 36 percent stake in Crown Resorts.