{"id":25516,"date":"2014-10-22T09:00:10","date_gmt":"2014-10-22T16:00:10","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=25516"},"modified":"2014-10-21T15:03:51","modified_gmt":"2014-10-21T22:03:51","slug":"james-packer-blames-crown-punters-massive-profit-loss","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/james-packer-blames-crown-punters-massive-profit-loss\/","title":{"rendered":"James Packer Blames Crown Punters for Massive Profit Loss"},"content":{"rendered":"
\"James
James Packer says that the Crown Resort\u2019s operations are down A$100 million due to \u201cbad luck.\u201d (Image: trendec.net)<\/figcaption><\/figure>\n

James Packer\u2019s Crown Resorts in Australia has been hit by some negative variance at the VIP tables, it seems. Packer told fellow shareholders at the company\u2019s AGM (annual general meeting) last week in Perth that VIP operations were A$100 million below expectation, thanks to a number of high rollers getting lucky at the tables, or, as Packer put it, \u201cthe punters are killing us.<\/p>\n

“Our VIP businesses are almost $100 million below the theoretical result less than four months into the financial year due to an adverse win rate, or, put simply, bad luck,” he said, explaining why trading during the first 15 weeks of the year had been \u201cmixed at best.\u201d Packer, who owns 50 percent of the Australian gambling empire, also blamed poor consumer interest at his Melbourne and Perth properties for the slump in revenue.<\/p>\n

Despite the disappointing performance of Crown\u2019s Australian casinos, however, company profits actually grew 66 percent, to A$656 million in the 2013\/14 year, thanks to its interests in Macau. Crown is in partnership with Stanley Ho<\/a> in the Chinese gambling hub, where they operate as Melco Crown Entertainment and own Altira Macau and the City of Dreams.<\/p>\n

Quizzed on Vegas Plans<\/h2>\n

Packer was also forced to defend his decision to expand onto the Las Vegas Strip. Crown recently purchased, for $280 million, the pocket of land on the Strip where the New Frontier Hotel and Casino once stood, and the company hopes to start work on the construction of a new casino resort there next year, to be completed in 2018.<\/p>\n

Packer said he was offended by the assertion, made by shareholder John Campbell, that he had pushed the decision through too quickly. “I have made a lot of mistakes in my life but one thing I try not to do is make the same mistake twice,” he said. “We’ve got an absolute world-class management team in Las Vegas this time.”<\/p><\/blockquote>\n

The \u201cmistake\u201d Packer was referring to his first, ill-fated foray into the Las Vegas casino market. Back in 2009, the company was poised to buy Cannery Casino Resorts for $1.8 billion, only to back out of the deal due to the economic downturn. Crown was forced to pay a breakup fee of $320 million.<\/p>\n

Global Expansion<\/h2>\n

Packer said the Las Vegas<\/a> project would cost between $1.6 billion and $1.9 billion, and Crown’s total equity investment will be between $400 million and $500 million. Packer will co-chair a new company with former Wynn Las Vegas President Andrew Pascal and investment firm Oaktree Capital Management, of which Packer will have the controlling interest.<\/p>\n

\u201cYou can\u2019t be in the gaming industry and not have a special reverence for Las Vegas; that\u2019s where it all began,\u201d he said recently. \u201cWhile we fell short in past attempts to enter that market, we now have the ideal opportunity.<\/p>\n

\u201cWe have built Crown Resorts into a thriving international company,\u201d he added. \u201cWe\u2019ve always kept our eye on Las Vegas.\u201d<\/p>\n

The company has been expanding aggressively in recent years, at home and abroad. It is currently enlarging its Perth casino, developing a resort in Sydney, and has ambitions to move into Brisbane. As well as its properties in Macau, it also owns casinos in London and has designs on building a resort in Sri Lanka. Packer said the company was also currently \u201cexploring opportunities\u201d in Japan should that market open up in anticipation of the 2020 Tokyo Summer Olympics, something which has recently been put in limbo.<\/p>\n","protected":false},"excerpt":{"rendered":"

James Packer\u2019s Crown Resorts in Australia has been hit by some negative variance at the VIP tables, it seems. Packer told fellow shareholders at the company\u2019s AGM (annual general meeting) last week in Perth that VIP operations were A$100 million below expectation, thanks to a number of high rollers getting lucky at the tables, or, […]<\/p>\n","protected":false},"author":42,"featured_media":25525,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[10,18],"tags":[],"acf":[],"yoast_head":"\nJames Packer Blames Crown Punters for Massive Profit Loss<\/title>\n<meta name=\"description\" content=\"Australia's Crown Resorts VIP operations down \u00a3100 million, says owner James Packer, as he lists Las Vegas expansion plans.\" \/>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"James Packer Blames Crown Punters for Massive Profit Loss\" \/>\n<meta property=\"og:description\" content=\"Australia's Crown Resorts VIP operations down \u00a3100 million, says owner James Packer, as he lists Las Vegas expansion plans.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/james-packer-blames-crown-punters-massive-profit-loss\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2014-10-22T16:00:10+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2014-10-21T22:03:51+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2014\/10\/James-Packer-Chairman-and-CEO-of-Crown-Resorts.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"650\" \/>\n\t<meta property=\"og:image:height\" content=\"366\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Casino.org Staff Writer\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Casino.org Staff Writer\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/james-packer-blames-crown-punters-massive-profit-loss\/\",\"url\":\"https:\/\/www.casino.org\/news\/james-packer-blames-crown-punters-massive-profit-loss\/\",\"name\":\"James Packer Blames Crown Punters for Massive Profit Loss\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/james-packer-blames-crown-punters-massive-profit-loss\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/james-packer-blames-crown-punters-massive-profit-loss\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2014\/10\/James-Packer-Chairman-and-CEO-of-Crown-Resorts.jpg\",\"datePublished\":\"2014-10-22T16:00:10+00:00\",\"dateModified\":\"2014-10-21T22:03:51+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/8c48bf89dc86da77b4d856c7b3b78d77\"},\"description\":\"Australia's Crown Resorts VIP operations down \u00a3100 million, says owner James Packer, as he lists Las Vegas expansion plans.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/james-packer-blames-crown-punters-massive-profit-loss\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/james-packer-blames-crown-punters-massive-profit-loss\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/james-packer-blames-crown-punters-massive-profit-loss\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2014\/10\/James-Packer-Chairman-and-CEO-of-Crown-Resorts.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2014\/10\/James-Packer-Chairman-and-CEO-of-Crown-Resorts.jpg\",\"width\":650,\"height\":366,\"caption\":\"James Packer says that the Crown Resort\u2019s operations are down A$100 million due to \u201cbad luck.\u201d (Image: trendec.net)\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.casino.org\/news\/james-packer-blames-crown-punters-massive-profit-loss\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"News\",\"item\":\"https:\/\/www.casino.org\/news\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Commercial Gaming\",\"item\":\"https:\/\/www.casino.org\/news\/commercial-gaming\/\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"Live Casinos\",\"item\":\"https:\/\/www.casino.org\/news\/commercial-gaming\/live-casinos\/\"},{\"@type\":\"ListItem\",\"position\":4,\"name\":\"James Packer Blames Crown Punters for Massive Profit Loss\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.casino.org\/news\/#website\",\"url\":\"https:\/\/www.casino.org\/news\/\",\"name\":\"Casino.org\",\"description\":\"Latest Casino and Gaming News\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.casino.org\/news\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/8c48bf89dc86da77b4d856c7b3b78d77\",\"name\":\"Casino.org Staff Writer\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/0853bd574da5b217483afb1fbbee33a5?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/0853bd574da5b217483afb1fbbee33a5?s=96&d=mm&r=g\",\"caption\":\"Casino.org Staff Writer\"},\"url\":\"https:\/\/www.casino.org\/news\/author\/corg-staff-writer\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"James Packer Blames Crown Punters for Massive Profit Loss","description":"Australia's Crown Resorts VIP operations down \u00a3100 million, says owner James Packer, as he lists Las Vegas expansion plans.","robots":{"index":"noindex","follow":"follow"},"og_locale":"en_US","og_type":"article","og_title":"James Packer Blames Crown Punters for Massive Profit Loss","og_description":"Australia's Crown Resorts VIP operations down \u00a3100 million, says owner James Packer, as he lists Las Vegas expansion plans.","og_url":"https:\/\/www.casino.org\/news\/james-packer-blames-crown-punters-massive-profit-loss\/","og_site_name":"Casino.org","article_publisher":"https:\/\/www.facebook.com\/Casino.OrgNews","article_published_time":"2014-10-22T16:00:10+00:00","article_modified_time":"2014-10-21T22:03:51+00:00","og_image":[{"width":650,"height":366,"url":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2014\/10\/James-Packer-Chairman-and-CEO-of-Crown-Resorts.jpg","type":"image\/jpeg"}],"author":"Casino.org Staff Writer","twitter_card":"summary_large_image","twitter_creator":"@Casino_Org","twitter_site":"@Casino_Org","twitter_misc":{"Written by":"Casino.org Staff Writer","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.casino.org\/news\/james-packer-blames-crown-punters-massive-profit-loss\/","url":"https:\/\/www.casino.org\/news\/james-packer-blames-crown-punters-massive-profit-loss\/","name":"James Packer Blames Crown Punters for Massive Profit Loss","isPartOf":{"@id":"https:\/\/www.casino.org\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.casino.org\/news\/james-packer-blames-crown-punters-massive-profit-loss\/#primaryimage"},"image":{"@id":"https:\/\/www.casino.org\/news\/james-packer-blames-crown-punters-massive-profit-loss\/#primaryimage"},"thumbnailUrl":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2014\/10\/James-Packer-Chairman-and-CEO-of-Crown-Resorts.jpg","datePublished":"2014-10-22T16:00:10+00:00","dateModified":"2014-10-21T22:03:51+00:00","author":{"@id":"https:\/\/www.casino.org\/news\/#\/schema\/person\/8c48bf89dc86da77b4d856c7b3b78d77"},"description":"Australia's Crown Resorts VIP operations down \u00a3100 million, says owner James Packer, as he lists Las Vegas expansion plans.","breadcrumb":{"@id":"https:\/\/www.casino.org\/news\/james-packer-blames-crown-punters-massive-profit-loss\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.casino.org\/news\/james-packer-blames-crown-punters-massive-profit-loss\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.casino.org\/news\/james-packer-blames-crown-punters-massive-profit-loss\/#primaryimage","url":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2014\/10\/James-Packer-Chairman-and-CEO-of-Crown-Resorts.jpg","contentUrl":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2014\/10\/James-Packer-Chairman-and-CEO-of-Crown-Resorts.jpg","width":650,"height":366,"caption":"James Packer says that the Crown Resort\u2019s operations are down A$100 million due to \u201cbad luck.\u201d (Image: trendec.net)"},{"@type":"BreadcrumbList","@id":"https:\/\/www.casino.org\/news\/james-packer-blames-crown-punters-massive-profit-loss\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"News","item":"https:\/\/www.casino.org\/news\/"},{"@type":"ListItem","position":2,"name":"Commercial Gaming","item":"https:\/\/www.casino.org\/news\/commercial-gaming\/"},{"@type":"ListItem","position":3,"name":"Live Casinos","item":"https:\/\/www.casino.org\/news\/commercial-gaming\/live-casinos\/"},{"@type":"ListItem","position":4,"name":"James Packer Blames Crown Punters for Massive Profit Loss"}]},{"@type":"WebSite","@id":"https:\/\/www.casino.org\/news\/#website","url":"https:\/\/www.casino.org\/news\/","name":"Casino.org","description":"Latest Casino and Gaming News","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.casino.org\/news\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.casino.org\/news\/#\/schema\/person\/8c48bf89dc86da77b4d856c7b3b78d77","name":"Casino.org Staff Writer","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.casino.org\/news\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/0853bd574da5b217483afb1fbbee33a5?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/0853bd574da5b217483afb1fbbee33a5?s=96&d=mm&r=g","caption":"Casino.org Staff Writer"},"url":"https:\/\/www.casino.org\/news\/author\/corg-staff-writer\/"}]}},"_links":{"self":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/posts\/25516"}],"collection":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/users\/42"}],"replies":[{"embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/comments?post=25516"}],"version-history":[{"count":0,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/posts\/25516\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/media\/25525"}],"wp:attachment":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/media?parent=25516"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/categories?post=25516"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/tags?post=25516"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}