Packer says 'punters are killing us'

Packer says 'punters are killing us'
By admin


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."

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.

Latest News

  • Destinations
  • News

APT Launches 2025 Asia Adventures

APT has launched its Asia Adventures for 2025, including new luxury holidays in India, Sri Lanka and Japan. Five new tours lead guests to the highlights of India, including a seven-night cruise along the rarely travelled Lower Ganges aboard the Ganges Voyager. Further south, Sri Lanka’s greatest destinations are revealed on a new 15-day Land […]

  • Cruise
  • Luxury
  • News

Seabourn announces Western Kimberley Traditional Owners as Godparents of Seabourn Pursuit

Seabourn has named Western Kimberley Traditional Owners, the Wunambal Gaambera, as Godparents of the ultra-luxury purpose-built Seabourn Pursuit. It is the first cruise line to appoint Traditional Owners as godparents of a ship. Seabourn Pursuit embarks on its inaugural season in the Kimberley region this June. The naming ceremony will take place on Seabourn Pursuit’s […]

  • Luxury

Malolo Island Resort opens brand new Spa

Fiji’s Malolo Island has added another string to its bow – opening its $1.3 million day spa on Thursday, 18th April 2024. (Lead Image: matriarch Rosie Whitton with spa staff) Located at the edge of the resort’s luscious patch of tropical rainforest, the new “Leilani’s Spa” adds another level of elevated experiences to Malolo’s already […]