James Packer says that Aussie Gamblers are Outsmarting Crown Casinos

Crown is seeing weak profits this fiscal year, and according to Kerry Packer it’s due to players simply winning too much.

At a recent Crown Resorts shareholders’ meeting chairman James Packer was candid about the company’s poor performance during the new fiscal year. It has nothing to do with ballooning costs or the lack of a quality product, rather, “the punters are killing us.”

Casino patrons are having too much success at the blackjack tables and slot machines. Nearly four months into the current fiscal year, revenue is down from projections according to the combined mathematical house edge on the company’s table games and Australian poker rooms.

To quote Packer’s business jargon: “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.

Crown is expanding big time

Even as recent financial reports have been weak, the company is excited about the launch of new operation in Las Vegas. The company bought a 35-hectare site for $280 million in August, and expects the resort casino project to cost between $1.6 and $1.9 billion.

Packer is also hoping for a casino license is Japanese gambling laws are amended to allow casino gambling there. The company also has a large-scale luxury casino in Macau, which it owns in a joint-venture with Hong Kong gambling mogul Lawrence Ho.