Thursday Jan 31, 2008Packer casino experiences a flood of money
The Packer name has always been one that has been associated with money. Their Casino business which was once slow in bringing in the bucks is now becoming a powerful magnet in the Packer Empire attracting UBER-rich VIPs who are now gambling $8 billion a month in James Packer's Crown Macau casino. The Crown Macau Casino was once plagued with numerous problems but the sudden popularity and cash flow is helping to revive its fortunes and bring in more revenue for the Packer group.
Having these VIP’s come in and spend their fortunes has helped Crown Macau pull back a substantial chunk of market share. Analysts believe that the Crown Macau is now tough competition for all its giant rivals in the Asian city.
One of the reasons for this turnaround is because of its lucrative arrangement with junket promoters AMA International, which is responsible for ferrying in the wealthy from mainland China and nearby Hong Kong.
Four months ago, the Crown Macau’s total VIP turnover (rolling chip) was only $70 million a day, and most of its public floors were near empty. Today, things have changed for the better and cash seems to be pouring in from the VIP segment.
On the Crown Macau VIP tables that AMA promotes, $187 million is being wagered every day. This is apart from Crown Macau's existing VIP tables, which are bringing in an estimated $70 million a day.
Casino Macau has to thank AMA because their relationship has proven to be essential in reviving the fortunes and bringing in a huge source of income taking its market share in the Asian city from 7 per cent last month to in excess of 16 per cent this month.
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