James Packer Crown Casino Sydney

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Billionaire James Packer was once casino giant Crown Resorts' executive chairman, then later a major shareholder so involved in the company he received daily reports on its finances. Now the company may need him to sell his shareholding so it can run a new $2.2 billion casino in Sydney. As the inquiry by the NSW Independent Liquor and Gaming Authority into Crown nears its end, commissioner Patricia Bergin is being told that both Mr Packer and Crown are unfit to be associated with the casino at Barangaroo. Counsel assisting the inquiry, Adam Bell SC, on Thursday said Mr Packer's 'shameful' and 'disgraceful' conduct means the regulator should rethink its approval of Mr Packer as a 'close associate' of the Crown subsidiary licensed to run the casino. Mr Bell argued on Wednesday that the company is 'not suitable' to hold the licence for the premises. The evidence painted a picture of Mr Packer's 'profound influence' over the company, which ultimately compromised its culture and governance, Mr Bell said on Thursday. A controlling shareholder protocol agreed between Crown and Mr Packer's private company, Consolidated Press Holdings (CPH), led Crown directors and executives to share confidential information with him even after he resigned from the board in 2018. He received financial information from chief financial officer Ken Barton on practically a daily basis. In return, Mr Packer issued executives with instructions, reprimands, and requests he expected to be fulfilled, Mr Bell said. Mr Packer had more extensive access to information than elected board directors, perhaps even including executive chairman John Alexander, Mr Bell said. Mr Packer acted so much like a director that he was a de facto board member, he argued. Other shareholders were never informed of the information-sharing agreement, an omission Mr Bell described as 'remarkable'. Mr Packer previously admitted to the inquiry that aggressive emails he sent to an unidentified potential investor in Crown Resorts were 'shameful' and 'disgraceful', but blamed his bipolar disorder. Mr Bell said Mr Packer provided no evidence to show his medical condition caused that behaviour. Emails sent on the same day were expressed in 'perceptive and businesslike terms'. 'The difference was that Mr X had conveyed information to Mr Packer which was bad news, which Mr Packer did not want to hear,' Mr Bell said. The conduct meant Mr Packer was unfit to be a close associate of a casino licensee, he argued. The inquiry examined whether Crown's NSW licence was violated when CPH attempted to sell 19.99 per cent of its stock to Melco Resorts last year. Crown board directors nominated by CPH failed to perceive clear conflicts between their duties to Crown and to CPH when negotiating the Melco sale, Mr Bell said. The inquiry has also examined money laundering at Crown casinos and its business ties with people linked to organised crime. Mr Bell suggested one solution may be for Crown to make enforceable undertakings, including that CPH can only nominate one director. NSW Premier Gladys Berejiklian is seeking urgent advice on the matter and has not ruled out pushing back the December opening date for the Barangaroo development. Closing submissions will continue on Friday, with the commission at this stage expected to deliver a final report on February 1. Australian Associated Press

By Byron Kaye SYDNEY (Reuters) - Australian casino magnate James Packer said on Thursday he may have to cut his stake in his company for it to keep its licence and declared he would never rejoin. James Packer’s new $2.4 billion Crown casino in Sydney won’t have a single pokie after a rival casino snapped up exclusive rights on Friday. The Harbour City’s other casino, The Star, signed a deal with the New South Wales state government for sole rights to operate the revenue spinners for the next 21 years.

James Packer Crown Casino Sydney London

Crown Sydney is one of the most anticipated projects in Sydney, as it will give a new look to the Barangaroo waterfront area. The massive addition to the area will include a hotel, apartments, restaurants, and a VIP-focused casino.

SYDNEY (Reuters) - Australian billionaire James Packer said on Wednesday he 'forgot' his casino firm Crown Resorts Ltd CWN.AX was banned from dealing with associates of Hong Kong's Stanley Ho when. James Packer appearing at a NSW inquiry into Crown's suitability for a casino license. Its shares have recovered since a hammering revealed in 2019-20 accounts for Packer flagship Consolidated.

Construction on the project finally began in 2016, though sometimes stalled periodically due to legal battles and other red tape. Though the estimated completion date has changed numerous times, it is now expected to open on Christmas Day 2020. That’s what James Packer says, anyway.

Packer Visits Sydney Site

Earlier this month, billionaire investor and largest Crown Resorts shareholder James Packer emerged from a mostly self-imposed exile from public life to tour the Crown Sydney development site. He seemed pleased with the progress of the $2.4 billion project at Barangaroo.

In fact, Packer was so pleased that he announced to the media that it would open to the public on Christmas Day this year.

The dates for the opening of the property have changed numerous times. When the project first began, the opening date was expected to be early 2020 for the first tower and the end of 2020 for the rest of it. But along the way, due to numerous battles over the height of the tower and other major details, the opening was delayed. Most expected it to open sometime in 2021.

James Packer Crown Casino Sydney Opera House

Packer was particular, though, by naming Christmas Day of this year in his first public appearance in more than a year.

“It’s really pleasing,” Packer said to the media, referring to the opening being three months earlier than planned. “We are truly indebted to our builders, architects and tradies who have made this possible.”

Mid-2019 Issues Resolved

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As mentioned, the Crown Sydney project had been delayed numerous times. The most significant and lengthy problem had to do with the height of the tower.

Crown Resorts believed they paid a price for the property that included an exclusive view of the harbor. At one point, Crown and its building partners discovered that the Barangaroo Delivery Authority(BDA), run by the New South Wales government, took bids from other companies for taller buildings that would hinder the Crown tower view.

The two entities went to court, and the battle moved through to the NSW Supreme Court. In December 2018, that court ruled for Crown, ruling that the BDA violated its development agreements with Crown and co-plaintiffs Lendlease.

An appeal by the BDA resulted in a settlement. The details were not publicized, but the NSW government dropped its appeal, and Crown retained its claim to the exclusive views.

Crown Sydney Project Details

The website dedicated to the project, which still boasts of an early 2021 opening date, gives insight into the new destination for visitors to Sydney. It is described as a “pinnacle of modern design that harmoniously brings together an opulent hotel, prestigious apartments, signature restaurants, premium gaming areas and a lavish spa.”

One Barangaroo will be the tower of residences – 82 of them – with views of the Sydney Harbour and its landmarks. The apartments range from 2-bedroom to 6-bedroom homes with some Duplex Penthouses as well.

Packer purchased two floors of the hotel, not the residence tower, that are being converted into a second home for him. “I grew up in Sydney, and my kids still spend time here,” he said. “It’s a beautiful place, and I hope to spend more time visiting.”

And there will be gaming. But Crown Sydney has taken special care not to call the casino a casino. The website calls it a “premium table games experience.”

Evidently, there will be no pokies, only table games like baccarat, blackjack, and roulette. And though the website is sparse on details, it does refer to a “VIP-only gaming facility.”

Previous Problems with VIP Gaming

The Crown scandal that took the company and gaming community by storm in 2019 had fallout that particularly affected VIP gaming in Australia.

Much of the spotlight was on VIP gamblers at Crown properties, many of whom used junkets to travel from Asia and gamble for high stakes. After the scandal broke, though, the government crackdowns began, and most junkets stopped.

This put such a dent in Crown’s bottom line that Crown Executive Chairman John Alexander had to acknowledge it at a shareholder presentation in late 2019. He revealed that VIP turnover for the first three and a half months of the new fiscal year, which started July 1, was down 46%.

Crown blamed much of the downturn on the Chinese economy hurt by the United States and on the media that publicized the scandal.

Regardless, Crown Sydney is going to face a challenge to create a successful new VIP-only gaming facility, one with no pokies, at the new property. The new environment and scrutiny on high-stakes gambling will be a test of Crown’s dedication to gaming.