‘Punters are killing us’ James Packer tells Crown shareholders
JAMES Packer has told Crown shareholders that poor results for the company’s VIP businesses are all down to casino punters winning too much money.
JAMES Packer says lucky high rollers and weak consumer confidence are hurting Crown’s performance.
“Trading so far this year has been mixed at best,” the billionaire chairman told the Crown Resorts annual general meeting in Perth.
Waning consumer sentiment continued to impact the trading performance of its Perth and Melbourne casinos, and its high roller businesses were also suffering, Mr 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,” he said.
“The punters are killing us.”
LUXURY GETAWAY: Packer and Kerr holiday on his luxury yacht
Crown’s profit grew 66 per cent to $656 million in the 2013/14 year, with strong growth from its Macau joint venture helping to offset a flat performance from its Australian casinos.
Mr Packer also stressed Crown was a “model corporate citizen” which significantly contributes Australia’s economy, and takes great care to act responsibly.
The company is currently expanding its Perth casino, and is developing resorts in Sydney, Manila and Macau, and also has ambitions to move into Brisbane, Las Vegas and Sri Lanka.
Mr Packer also said the company was exploring opportunities in Japan.
Originally published as ‘Punters are killing us’ James Packer tells Crown shareholders