Packer says casino push something special

25 Oct 2012, 9:05 pm   -   Source: AAP

James Packer says a second Sydney casino is more than just about money and will be on the scale of accomplishments of his late father.

Crown chairman James Packer says his proposed casino for Sydney is "his chance to do something special" on the scale of the accomplishments of his late father.

"This is more than just about money for me," Mr Packer said at a function in Sydney on Thursday.

"My dad was a larger than life figure. I think this is my chance to do something special."

Speaking on the same day the NSW government gave a first-stage green light to proposals for a $1 billion high-roller casino at the Barangaroo development site, Mr Packer also said rival casino operator Echo Entertainment had as good as admitted its Star casino in Sydney was not good enough.

Echo chairman John O'Neill said on Thursday that the company was looking for possible sites around Sydney for a high-roller casino that it would develop without Crown.

"That's an admission that their product is not good enough because we're certainly not looking for other places in Melbourne or Perth (where Crown operates casinos)," Mr Packer said of Mr O'Neill's comments.

Mr Packer was speaking at an event organised by the Australian Financial Review newspaper and Deutsche Bank.

The dinner, at Sydney's Museum of Contemporary Art, was attended by his wife Erica, mother Ros and sister Gretel.

Also in attendance at the sold-out event were Fairfax Media chairman Roger Corbett and Westpac chief executive Gail Kelly.

Mr Packer also said his planned casino was "entering virgin territory".

"There has never been a billion dollar casino in the world without slot machines ... so we're entering virgin territory," he said.

The gaming magnate said the plan "was not an economic no-brainer" but "this is where it helps to have close to a 51 per cent shareholding in the company".

Mr Packer also said that he believed his bid would have won in a competitive tender for a second casino licence for Sydney because of the proposal and its location.

He said he was "incredibly grateful" to the NSW Labor Party, which has supported his proposal, for "not playing politics" and was also grateful to Premier Barry O'Farrell.

Mr Packer said Mr O'Farrell had made it clear that the three-stage process was not finished but said "I think we have had a very good day".

Mr Packer said he believed a casino resort, done well, could "do great things for Sydney".

"When you look at what The Star has done for Sydney, I don't think they've done a lot," he said.

He said it was vital to focus on the Chinese tourist market and particularly the Asian gaming market, which is worth $50 billion a year.

And he was critical of Prime Minister Julia Gillard for not spending enough time in China, saying he had seen reports that she had only spend two days in China since becoming leader.

"I think it's incumbent on our political leaders to spend more time in that part of the world," he said.

Mr Packer said he supported the idea of a design competition for the proposed casino that former Prime Minister Paul Keating has said should be a sculptured building "like a Brancusi sculpture".

"I love listening to Paul talk about architecture - it's like listening to someone read Fifty Shades of Grey," he said.

Mr Packer, who was interviewed on stage by AFR journalist James Chessell, also answered personal questions.

He said his late father, Kerry, was the biggest influence on his life but also named the late Apple founder Steve Jobs, News Corp chairman Rupert Murdoch and Westfield boss Frank Lowy as his other great inspirations.

The Crown boss also revealed it was his father that first sparked his interest in the gaming industry, drawing a laugh in the process.

"I spent a lot of time in casinos with my dad, and I ended up thinking 'f***, this is too good a business'," he said.

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