James Packer Slams Former Premier Over “Blindsiding” Casino Tax

Billionaire James Packer has launched a scathing attack on former Victorian Premier Dan Andrews. He claims a surprise casino tax nearly destroyed a multi-billion dollar sale. The comments were made in a recent, wide-ranging interview.

Packer accused the state government of jeopardizing his business and personal finances. He described the tax decision as a devastating blow. The move has ignited a fierce debate over casino regulation in Australia.

The Tax That Threatened a Landmark Deal

In 2022, the Victorian government introduced a new tax on Crown Casino. This decision came with little warning to the company. According to Packer, it directly threatened the $8.9 billion sale of Crown to Blackstone.

He stated the tax hike could have derailed the entire transaction. This would have cost shareholders and Packer himself a significant fortune. The deal represented his major exit from the casino industry.

Packer felt blindsided by the government’s action. He argued it showed a lack of regard for a major employer and taxpayer. The financial impact was immediate and severe for Crown’s valuation.

A Call for Consistent Regulatory Scrutiny

Packer also turned his criticism towards Australia’s casino regulators. He specifically mentioned the NSW Independent Casino Commission. He claimed Crown’s rival, The Star Entertainment, faced less scrutiny for more severe issues.

This accusation points to a perceived inconsistency in oversight. Recent investigations have uncovered money laundering at both major casino groups. Regulatory responses have included hefty fines and strict new operating conditions.

Packer suggested that the regulatory focus was unbalanced. He believes this inconsistency damaged Crown unfairly. His remarks call into question the entire framework governing the industry.

The Personal and Economic Fallout

For Packer, the situation was deeply personal. His family’s legacy is closely tied to the Australian casino sector. The tax and regulatory pressures felt like an attack on that legacy.

The fallout extends beyond one individual. The casino industry employs thousands of people across Australia. Government decisions directly impact these jobs and state revenues.

Packer’s public statements have thrown a spotlight on these tensions. The relationship between big business and government is now under examination. The debate touches on fairness, economic policy, and corporate accountability.

James Packer’s blunt critique highlights the volatile intersection of politics and high-stakes business. His claims of inconsistent regulatory scrutiny and a blindsiding tax raise critical questions for the future of Australia’s gaming industry. The fallout from his interview is likely to influence regulatory discussions for years to come.

Dropping this nugget your way

What was the casino tax that James Packer criticized?

The tax was a sudden levy imposed by the Victorian government in 2022. It significantly increased the financial burden on Crown Casino’s operations. Packer claimed it nearly sabotaged the company’s multi-billion dollar sale.

Who did James Packer sell Crown Casino to?

Packer’s Crown Resorts was sold to the global private equity firm Blackstone. The landmark deal was valued at approximately $8.9 billion. The transaction marked Packer’s exit from the casino business.

What did Packer say about casino regulators?

He accused regulators of inconsistent scrutiny between Crown and its rival, The Star. Packer claimed The Star had more severe compliance failures. He suggested the oversight was unfairly focused on his former company.

Why is the Australian casino sector under investigation?

Major casinos are under investigation for alleged money laundering activities. Links to organized crime syndicates have also been uncovered. These inquiries have led to major fines and operational reforms across the industry.

What was James Packer’s role at Crown?

James Packer was the major shareholder and a former director of Crown Resorts. He was the driving force behind the company’s expansion for many years. His family has a long history with the Australian gaming industry.