• Subscribe
  • Magazines
  • About
  • Contact
  • Advertise
Friday 29 August 2025
  • zh-hant 中文
  • ja 日本語
  • en English
IAG
Advertisement
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
No Result
View All Result
IAG
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
No Result
View All Result
IAG
No Result
View All Result

Packer says international VIP was never intended to be main focus of Crown Sydney

Newsdesk by Newsdesk
Fri 9 Oct 2020 at 04:19
James Packer overruled Crown advice in decision to sell 19.99% stake to Melco Resorts, inquiry hears

Crown Sydney

49
SHARES
1.2k
VIEWS
Print Friendly, PDF & Email

Former Crown Resorts Executive Chairman and still largest shareholder James Packer says the company’s AU$2.2 billion Crown Sydney project was never intended to rely on the use of junkets with locals gaming planned to comprise around two-thirds of annual EBITDA.

Fronting for a third consecutive day a NSW Independent Liquor and Gaming Authority inquiry into Crown’s suitability to hold a casino license, Packer rejected claims by counsel assisting Naomi Sharp that the company had wanted to bring Macau’s junket model to Australian shores.

Instead, he said the international VIP component, “was about a third of the budgeted component of Crown Sydney. So it was two-thirds local VIP, hotel, food and beverage, and one-third international VIP across the board.

“You’ve got to remember that, effectively, Crown Sydney has a tables license which allows it to have unlimited tables, which can be played by people in Sydney as long as they join and they have minimum bet thresholds.

“That was always forecast to be the majority of the VIP profit as opposed to the profit coming in from inbound tourism. So VIP covers both traditional VIP and it covers the table games segment of Crown Sydney.”

Asked if Crown Sydney’s operating model depended “in no small extent upon relationships with junkets,” Packer replied, “No, I disagree with that, because the percentage profit that the junket business would be in Australia was always going to be very minimal compared to the mass side of the business.

“There are budgets that I’m sure you could get access to which my recollection show that the international VIP was only about a third of the EBITDA of Crown Sydney. “

James Packer during proceedings at the NSW Independent Liquor and Gaming Authority’s inquiry into Crown’s suitability to hold a state casino license.

Packer added that he had only hoped to take a small share of Macau’s VIP market

“The Macau VIP market was so huge; if we could have got a fraction or if we can get a fraction, that would move the needle in Australia,” he said.

Thursday’s proceedings focused largely on Packer’s discussions with key Asian junket operators in recent years and whether he had personally cultivated relationships with junkets alleged to have links to organized crime – suggestions the 53-year-old billionaire denied.

He did, however, admit there were changes needed to the Crown Resorts board moving forward, and to provisions offered to shareholders, after the inquiry revealed a pattern of confidential company information being regularly forwarded to Packer, who currently holds a 36% stake.

He also confirmed he has no plans to return to the Crown board in the future.

“I think there certainly shouldn’t be major shareholder provisions going forward,” he said. “I think that the Crown board has a lot to think about in terms of who the right people are for the right jobs. I think caps on shareholdings may be something that you (Commissioner Patricia Bergin) will think about.

“I think this has been a terribly painful and terribly shocking experience for the board, as it has been for me. I won’t be going on the board again. I think the board will be more independent than it was in the past.”

RelatedPosts

Australia’s Star Entertainment Group says available cash halved in December 2024 quarter as liquidity crunch bites again

Star Entertainment Group falls to AU$471.5 million loss in FY25 as remediation, regulatory hurdles continue to bite

Fri 29 Aug 2025 at 07:38
Asia market roundup

Asia market roundup

Thu 28 Aug 2025 at 12:26
Crown Resorts found suitable to retain Melbourne casino license but China investigation ongoing

Crown Melbourne given two-year extension to deadline for implementation of mandatory carded play across table games

Thu 28 Aug 2025 at 06:47
A moral defense of gambling

Star Entertainment Group says lender group’s terms around requested covenant waivers “unacceptable”

Wed 27 Aug 2025 at 13:47
Load More
Tags: AustraliaBarangarooCrown ResortsCrown Sydneydomestic gamingJames PackerNSW Independent Liquor and Gaming Authority
Share20Share3
Newsdesk

Newsdesk

The IAG Newsdesk team comprises some of the most experienced journalists in the Asian gaming industry. Offering a broad range of expertise, their decades of combined know-how spans multiple countries across a variety of topics.

Current Issue

Editorial – Flipping the script

Editorial – Flipping the script

by Ben Blaschke
Thu 28 Aug 2025 at 12:30

This month represents an important milestone for Inside Asian Gaming as we launch IAG EXPO – an expansion of the...

Asia market roundup

Asia market roundup

by Ben Blaschke
Thu 28 Aug 2025 at 12:26

Inside Asian Gaming takes a deep dive into the state of Asia-Pacific’s key gaming markets: who’s hot, who’s not and...

Rewriting the rules

Rewriting the rules

by Newsdesk
Thu 28 Aug 2025 at 11:43

IAG EXPO, taking place at Newport World Resorts from 8 to 10 September, is not your usual trade show. IAG...

Test of character

Test of character

by Newsdesk
Thu 28 Aug 2025 at 11:28

Since its establishment in 1989, Gaming Laboratories International (GLI) has developed into the world’s most trusted name when it comes...

Evolution Asia
Your browser does not support HTML5 video.
Aristocrat
GLI
Nustar
SABA
Mindslot
Solaire
Hann
Tecnet
HKUST
NWR

Related Posts

All your sports entertainment with SABA Sports – always fair and sharp since 1998.

All your sports entertainment with SABA Sports – always fair and sharp since 1998.

by Newsdesk
Fri 29 Aug 2025 at 18:57

CLIENT PROMOTION Since 1998, SABA Sports has stood as the trusted backbone of the world’s most respected sports betting brands. Built on real-time intelligence and operational excellence, we have earned our reputation as the definitive partner for leading operators worldwide....

Newly appointed Thai PM Paetongtarn Shinawatra expected to continue pursuit of legalized casinos

Thai casino bill dead in the water as Constitutional Court removes Prime Minister Paetongtarn Shinawatra from office

by Ben Blaschke
Fri 29 Aug 2025 at 18:44

Thai Prime Minister Paetongtarn Shinawatra has been removed from office for ethics violations after the Constitutional Court ruled 6-3 against her on Friday. She becomes Thailand’s sixth Prime Minister to be removed by a court or legal ruling since 2008...

Australia’s Star Entertainment Group says available cash halved in December 2024 quarter as liquidity crunch bites again

Star Entertainment Group falls to AU$471.5 million loss in FY25 as remediation, regulatory hurdles continue to bite

by Ben Blaschke
Fri 29 Aug 2025 at 07:38

Australia’s Star Entertainment Group has reported a statutory loss of AU$471.5 million (US$308 million) for the financial year ended 30 June 2025, impacted by a 29% year-on-year decline in group-wide revenue including a 37% fall in gaming revenue. Although the...

Resorts World Las Vegas – Lighting up the north

Recovery of VIP gaming business helps Genting’s Resorts World Las Vegas book improved revenues of US$180 million in 2Q25

by Ben Blaschke
Fri 29 Aug 2025 at 05:30

Resorts World Las Vegas (RWLV), the US flagship of Malaysian gaming giant Genting Berhad, saw revenues grow by 8% quarter-on-quarter to US$180 million and EBITDA by 80% to US$18 million in 2Q25, with the company pointing to improved hold and...

Your browser does not support the video tag.


IAG

© 2005-2025
Inside Asian Gaming.
All rights reserved.

  • SUBSCRIBE FREE
  • NEWSFEED
  • MAG ARTICLES
  • VIDEO
  • OPINION
  • TAGS
  • REGIONAL
  • EVENTS
  • CONSULTING
  • CONTRIBUTORS
  • MAGAZINES
  • ABOUT
  • CONTACT
  • ADVERTISE

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

No Result
View All Result
  • Subscribe
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
  • Events
  • Contributors
  • Magazines
  • Advertise
  • Contact
  • About
  • Home for G2E Asia

© 2005-2025
Inside Asian Gaming.
All rights reserved.

  • English