Australian Gambling – Big spending gamblers at Crown Melbourne and Perth have had some good news this week.
Billionaire casino tycoon James Packer has told shareholders at Crown Resorts’ annual general meeting that high rollers had been cleaning out the company’s casinos.
The Crown chairman reportedly lamented at the meeting that “the punters are killing us”.
“Trading so far this year has been mixed at best,” Packer said.
“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.”
It’s bad luck for the business, but good luck for the punters, who are obviously getting plenty of bang for their buck, this financial year.
It wasn’t all bad news for the gambling giant, its profits experienced a huge 66 per cent jump in 2013/14 to $656 million.
And, in a bid to increase that high roller spend, the company announced it will purchase three new jets to replace its existing fleet, at a cost of $114 million.
And Mr Packer said a venture into Japan was being explored, to go with plans for Sri Lanka, Brisbane and Las Vegas.
He expects the Vegas project to cost up to $2.2 billion.
Mr Packer used the meeting to take a swipe at the government, saying his business was one of the highest taxpayers in the country and did not ask for hand outs for financial assistance.