When it comes to getting bang for your buck, billionaire James Packer's new $200 million superyacht certainly sounds impressive.

James Packer's new $200 million weekend runabout is one of three identical "gigayachts" currently under construction in Italy. Credit:Giuliano Sargentini/Benetti

The first images of the new generation of vessels dubbed "gigayachts" have emerged. Packer's boat is one of three currently under construction in Italy and, as PS has previously predicted, the private cruise ship is set to rival anything already on the high seas when it comes to floating gin palaces.

This is no ordinary tinnie or weekend runabout.

After weathering plenty of emotional hurdles and checking himself into a Boston mental health facility in March, staying for six weeks, Packer has also been preoccupied with construction of the huge ship, which has been hidden inside a vast boat shed at an Italian shipyard in Livorno.