Better disclosure on the cards for Crown

CROWN Resorts majority shareholder and newly returned director James Packer has supported calls for the casino operator to improve its transparency.

Crown Resorts director James Packer and executive chairman John Alexander arrive to attend the annual general meeting. Picture: AAP

CROWN Resorts majority shareholder and newly returned director James Packer has supported calls for the casino operator to improve its transparency.

VICTORIA’S GAMBLING REGULATOR TO PROBE CROWN CASINO

Speaking at the group’s annual meeting on Thursday, Mr Packer said it was “fair enough” for shareholders to call for increased disclosure on gambling revenue, regulatory involvement and political donations.

Mr Packer, who rejoined the board in August, said he could no longer remember why the company always refused to give a detailed breakdown of gambling revenue but he could see no reason to continue with such an approach.

“I’m here because it’s been made abundantly clear that there is a desire from some of our shareholders, or some people who represent legitimate particular groups, for there to be more transparency in Crown,” he said.

Crown Resorts director James Packer and executive chairman John Alexander arrive to attend the annual general meeting. Picture: AAP

Those people wanted more transparency “both on the revenue side and the application of revenue between tables and slots and also on the regulatory side,” Mr Packer said.

“And I think that’s fair enough,” he said. “I’m only one director and I’m, you know, not the chairman.

“I’m conscious of being one voice and I don’t want to be more than one voice but from my perspective, it’s a conversation that the board should have because we are living in a world of more transparency.”

Mr Packer also said he would be happy if the company stopped making any political donations.

That comment was a response to a proxyholder who questioned the amount of money his family and companies spent on donations.

Mr Packer was uncharacteristically talkative during the meeting of about 300 shareholders at Crown in Melbourne.

However, he was reluctant to discuss the failure of Crown’s international expansion.

The company said it would now concentrate its operations in Australia having, over the past year, sold out of Las Vegas and Macau, where 16 staff had been held in prison and which resulted in multi-million-dollar writedowns.

He also said high-rollers were starting to return to Australia and the company’s new Sydney casino development at Barangaroo would also provide profit from apartment sales.

Almost 18 per cent of shareholders voted against the company’s remuneration report.

Shares in Crown climbed 1.7 per cent on Thursday to $11.48.