James Packer, the CEO of Australia’s leisure and entertainment giant, has changed his prospects to expand Crown Resorts into Japan. The tycoon recently announced this decision in an interview with The Australian, ahead of Crown’s upcoming annual general meeting on Thursday.
Packer’s reasons for retreat
The Australian businessman and investor says it is ‘unrealistic’ for the company to win a license in Japan. He also warns of a risk of the company overcapitalising on its AU$2.4 billion Crown Sydney casino development project. Recently, the company spent huge amounts of money on its domestic properties – the Crown Melbourne and Crown Towers Perth.
Speaking to The Australian, Packer said he didn’t want Crown’s management to be distracted by taking part in a competitive bid to build a casino resort in the territory of Japan. This despite his interests – of a long time ago – to tap into the profitable Japanese market.
He says: “People talk to me about Japan. I don’t believe it is realistic for us to win a licence in Japan. It is off my table. But I am only one director and I haven’t had the conversation with the board”. Packer further mentions that his retreat is only temporary. “I am not saying ‘no forever’, but what I am saying ‘no’ to is writing a AU$500 million or AU$1 billion cheque to go into Japan next week,” he says.
James Packer’s Crown Resorts – Other news
Crown Resorts is a casino operator in Australia. Regardless, the company has been making headlines for the past few weeks due to many allegations against their practices. Three people, who claim to be former employees at Crown Resorts Melbourne have recently revealed shocking allegations about the resort. Ranging from tampering with pokie machines, to a management that turns a blind eye on drug use and domestic violence on its premises. However, the group rejected these allegations. Investigations are currently underway. Keep visiting CasinoAus for more online casino news.