Crown shows its cards
Packer backs transparency call at AGM
CROWN Resorts’ majority shareholder and newly returned director James Packer has supported calls at the annual meeting for increased disclosure on gambling revenue, regulatory involvement and political donations.
Mr Packer, who rejoined the board in August, said he saw no reason why the company shoudn’t give a detailed breakdown of gambling, as has been its practice. “I’m here because it’s been made abundantly clear that there is a desire … for there to be more transparency in Crown both on the revenue side and the application of revenue between tables and slots and also on the regulatory side. And I think that’s fair enough,” Mr Packer said. “I’m only one director … 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 all political donations. The comment was in response to a proxyholder who questioned the amount of money his family and companies spent on donations.
“I think (the company) has a $100,000 limit and I wish it was a zero dollar limit because, you know, then people wouldn’t ask,” he said.
Mr Packer was uncharacteristically talkative during the meeting of about 300 shareholders at Crown Casino in Melbourne. He volunteered opinions and answers to questions not directed at him and held discussions with antigambling campaigner Rev Tim Costello, a gambling addict and other proxyholders.
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 recently sold out of Las Vegas and Macau.
“I’ve been coming up here ever since Crown bought the sub-concession in Macau in 2006 and talking about our international strategy – and we don’t have that today,” he said.
“But in terms of the list of Australian companies that have gone off shore and have come back to Australia with their tail between their legs, I think we are at the top of the list. You know, we actually made a couple of billion dollars on our adventure.”