Packer was also a generous and respectful gambler, who treated the staff and the other players with kindness and courtesy. He is also known to have said, “If you can’t afford to lose, you can’t afford to gamble.” He accepted his losses as part of the game, and moved on with his life. He also had a rule of never chasing his losses, or trying to win back the money he had lost. He had a strict rule of never betting more than 5% of his net worth, which was estimated at $6.5 billion in 2004. Packer was also a rational and disciplined gambler, who knew his limits and when to quit. He was not motivated by greed or ego, but rather by the excitement and entertainment of the game. Packer was a fearless and adventurous gambler, who loved the thrill and challenge of betting large sums of money. Packer’s loss at Crockfords was not an isolated incident, but rather a reflection of his personality and gambling habits. What does it tell us about Packer’s personality and gambling habits? Now we can get on with our lives.” He also said to the casino manager, “You’ve just had the week of your life, haven’t you?” He then flew back to Australia, and resumed his business and personal affairs. He reportedly said to Williams, “Thank God that’s over. Packer did not seem to be bothered by his loss, and left the casino with a smile. He broke the previous record of $12 million, which was also held by him, from a previous visit to Crockfords in 1995. However, by the end of the spree, he had lost a staggering $16.5 million, the largest amount ever lost by an individual at a British casino. He was also courteous and generous to the staff, tipping them well and cracking jokes. He was reportedly unfazed by his losses, and continued to play with his usual confidence and flair. Packer was not having a good run, and he kept losing money. He also faced some tough competition from other players, such as the Saudi prince Walid bin Talal, and the Greek shipping tycoon John Latsis. He was up against the casino’s best dealers, who were specially trained to deal with high rollers. He played baccarat for three days, betting up to $200,000 per hand. In September 1999, Packer went to Crockfords for a gambling spree, accompanied by his friend, the Australian businessman Lloyd Williams. The game is based on luck, rather than skill, and has a low house edge, meaning that the casino has a small advantage over the players. The objective is to get as close as possible to nine, by adding the values of the cards. He often played baccarat, a card game that involves betting on the outcome of two hands, the player and the banker. Packer was a regular visitor of Crockfords, and as a high roller he was known for his high-stakes gambling. It moved to its current location in 1983, and became a casino again. It was closed in 1845, but was revived in 1928, as a bridge club. The casino was frequented by the elite of British society, such as aristocrats, politicians, and writers. It was founded in 1823, by William Crockford, a former fishmonger who became a wealthy gambler and socialite. What happened at Crockfords Casino?Ĭrockfords Casino is a historic and exclusive casino in London, located on Curzon Street. He was buried at his private estate in Ellerston, New South Wales. He had suffered from several health problems, such as kidney failure, heart attacks, and cancer. Packer died on December 26, 2005, at his home in Sydney, at the age of 68. James later followed his father’s footsteps, and became the chairman of Consolidated Press Holdings, the family company. Packer was married to Roslyn Weedon in 1963, and they had two children, Gretel and James. He was awarded the Companion of the Order of Australia in 1983, for his services to the media and the community. He was also a generous philanthropist, who donated millions of dollars to various causes, such as medical research, education, and sports. Packer was a powerful and influential figure in Australia, who had close ties with politicians, celebrities, and businessmen. He was the owner of Crown Casino in Melbourne, and had stakes in several other casinos around the world. He also diversified into other sectors, such as tourism, mining, and gaming. He expanded his media empire, acquiring more newspapers, magazines, and television stations. He inherited a vast fortune, estimated at $100 million at the time. He became the chairman of Australian Consolidated Press in 1974, after his father’s death. Packer joined his father’s business in 1956, and gradually learned the ropes of the media industry. He also developed a passion for gambling, which he inherited from his father and grandfather. He was more interested in sports, such as boxing, cricket, and rugby. He attended several prestigious schools, but did not excel academically. Packer was not a good student, and struggled with dyslexia.
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