Wednesday, October 28, 2009

James Packer defends casino industry at Crown AGM - 28th October 2009

James Packer has criticised "one-sided" media reporting about gambling advising his casinos make a great contribution to the community and business.

"Next time you read an unbalanced story about your casinos and their impact on the community, stop and think about the other side of the story" he advised the annual general meeting of Crown. "The one that rarely gets reported". "That is, of the contribution Crown makes to tourism, to employment, to training, to urban development, to community partnerships and to government revenues. Contributions that make us fundamentally different to many pubs and clubs."

Chief executive Rowen Craigie advised "While a few domestic customer segments continue to exhibit some signs of softness - and in particular I refer to some corporate events and corporate hotel bookings - these impacts have been offset by growth in other customer segments such as consumer and leisure bookings". "There are indications that the business environment in Macau is improving. We see long term potential for the Macau market growth given its exposure to China."

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*The Media Man Australia founder and director does hold shares in Crown Limited