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Las Vegas Casinos Take $34m Revenge On Kerry Packer29 August 2000LAS VEGAS, NEVADA – Aug. 29, 2000—As reported by The Australian: "…Coupled with a three-week losing streak last September on the blackjack tables at Crockford's casino in London – at £11 million ($28.2 million) the biggest single loss in British gambling history – Australia's richest man is believed to have lost almost $US40 million in 10 months. "Gaming industry sources in Las Vegas told The Australian that Mr Packer took one of the biggest baths in the town's history in mid-July at the high-end Bellagio hotel, playing his favourite card game, baccarat. "All the Las Vegas casinos combined made just over $US500 million from baccarat last year. "…One estimate in Las Vegas put Mr Packer's losses at "at least what he took the MGM for" in 1995. "Then, Packer swooped on Kirk Kerkorian's giant emerald-green palace on the Strip and walked away with $US20 million from the MGM-Grand Hotel in what industry observers described as his usual hit-and-run style, in which he plays all six hands on a table at the maximum bet (up to $US250,000) but doesn't stay for long enough to give the house a chance to get its money back. As a result, Mr Packer was banned from the MGM-Grand and all its sister properties. "…Although Mr Packer can be dangerous to a casino's bottom line – Hilton Hotels Corp denied a rumour in 1996 that its quarterly profits were 19 per cent off because of a Packer lucky streak – there are no shortage of properties wanting his business…" |