Packer Could Still Prove a Savior to Las Vegas
- 8th April 2009
James Packer will be reviewing
Las Vegas gaming revenue for the second time in
five months, though he might be disturbed by what
gaming totals are lowest since 2004 for state
and the Las Vegas Strip.
the Las Vegas Review Journal:
Nevada, gaming revenue fell more than 18 percent
during February and more than 23 percent on the
Strip, figures released Tuesday by the Gaming
Control Board show. The raw numbers -- $839.5
million statewide and $427.4 million on the Strip
-- were the lowest single-month gaming revenue
totals since 2004.
February, the statewide casino win of almost $839.5
million from gamblers was down from almost $1.145
billion won a year ago. The figure was the lowest
statewide one-month total since July 2004, when
casinos recorded $813 million in gaming revenues.
February's 18.1 percent decline was the third
largest monthly decline in state history, following
a 22.3 percent drop last October and an 18.9 percent
decline last December.
the Strip, casinos won $427.4 million, down from
$558.3 million a year ago. The figure was the
lowest single month total since November 2004
when casinos won $426 million. It was the second-largest
single month drop ever, trailing only the 25.7
percent drop posted last October."
negative news doesn't necessarily mean Australia's
gambling magnate, Packer, won't still dive in.
on which way he views the statistics, it's either
good news for Packer's Crown because it will mean
casinos in Las Vegas will be even cheaper, or
bad if his company's only sizeable investment
in the poker capital defaults on its loans, Australian
media outlets reported on Wednesday.
Las Vegas strip produces nearly 10 times the revenue
of any other area in that city.
has an interest in the strip through its 19.6
per cent stake in Fontainebleau Resorts (once
worth $US250 million).
is in danger of defaulting on loans if the ailing
strip does not soon recover.
himself is hardly immune to today's economic woes.
Herald Sun reported on how Packer has taken measures
to trim down his own company:
Consolidated Media Holdings has slashed the size
of its board, with the remaining non-executive
directors taking a pay cut.
a sign of both the scaling down of CMH and of
leaner economic times, the board has been slimmed
down from 12 directors to seven, saving the company
more than $500,000 a year in directors' fees.
have also been told to repay loans taken out with
the company to buy shares, or else forfeit those
Man Greg Tingle tells Gambling911.com: "I
think its great to see James Packer show some
authority in the boardroom which his late father,
Kerry Packer, was also noted for. James doesn't
swear like his old man did however.
nothing quite like a shack up on a company board
to put them on notice that performance levels
are being closely monitored."