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July 22, 2014

Australian Gaming Magnate Commits $187-Million to Charities

Casino and resorts mogul James Packer pledged $187.7-million Tuesday to establish a new foundation supporting the arts, social programs, and education of indigenous people in his native Australia, reports The Daily Telegraph.

The National Philanthropic Fund will be financed jointly by Mr. Packer's family and his company, Crown Resorts. The donation announced Tuesday will be spent out over 10 years and includes the approximately $56-million he pledged in November to Sydney-area arts and culture organizations.

The gift creates the largest corporate philanthropy in Australia. It will be co-chaired by Mr. Packer's sister, Gretel Packer, whom he credited as the "driving force" in establishing the fund.