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Kerry Packer was one of the most influential and wealthy men in Australia, who made his fortune from media and gambling ventures. He was also known for his lavish lifestyle, generous philanthropy, and legendary gambling exploits. However, not all of his bets paid off, and one of his most notorious losses occurred in 1999, when he lost a staggering $16.5 million in a single spree at the Crockfords Casino in London. Here is the story of how it happened, and what it tells us about Packer’s personality and gambling habits.
Kerry Packer was born on December 17, 1937, in Sydney, Australia. His father was Sir Frank Packer, a media mogul who controlled Australian Consolidated Press and the Nine Network. His mother was Gretel Bullmore, the daughter of a Scottish rugby player. He had an older brother, Clyde, who later became estranged from the family.
Packer was not a good student, and struggled with dyslexia. He attended several prestigious schools, but did not excel academically. He was more interested in sports, such as boxing, cricket, and rugby. He also developed a passion for gambling, which he inherited from his father and grandfather.
Packer joined his father’s business in 1956, and gradually learned the ropes of the media industry. He became the chairman of Australian Consolidated Press in 1974, after his father’s death. He inherited a vast fortune, estimated at $100 million at the time. He expanded his media empire, acquiring more newspapers, magazines, and television stations. He also diversified into other sectors, such as tourism, mining, and gaming. He was the owner of Crown Casino in Melbourne, and had stakes in several other casinos around the world.
Packer was a powerful and influential figure in Australia, who had close ties with politicians, celebrities, and businessmen. He was also a generous philanthropist, who donated millions of dollars to various causes, such as medical research, education, and sports. He was awarded the Companion of the Order of Australia in 1983, for his services to the media and the community.
Packer was married to Roslyn Weedon in 1963, and they had two children, Gretel and James. James later followed his father’s footsteps, and became the chairman of Consolidated Press Holdings, the family company. Packer died on December 26, 2005, at his home in Sydney, at the age of 68. He had suffered from several health problems, such as kidney failure, heart attacks, and cancer. He was buried at his private estate in Ellerston, New South Wales.
Crockfords Casino is a historic and exclusive casino in London, located on Curzon Street. It was founded in 1823, by William Crockford, a former fishmonger who became a wealthy gambler and socialite. The casino was frequented by the elite of British society, such as aristocrats, politicians, and writers. It was closed in 1845, but was revived in 1928, as a bridge club. It moved to its current location in 1983, and became a casino again.
Packer was a regular visitor of Crockfords, and as a high roller he was known for his high-stakes gambling. He often played baccarat, a card game that involves betting on the outcome of two hands, the player and the banker. The objective is to get as close as possible to nine, by adding the values of the cards. 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.
In September 1999, Packer went to Crockfords for a gambling spree, accompanied by his friend, the Australian businessman Lloyd Williams. He played baccarat for three days, betting up to $200,000 per hand. He was up against the casino’s best dealers, who were specially trained to deal with high rollers. He also faced some tough competition from other players, such as the Saudi prince Walid bin Talal, and the Greek shipping tycoon John Latsis.
Packer was not having a good run, and he kept losing money. He was reportedly unfazed by his losses, and continued to play with his usual confidence and flair. He was also courteous and generous to the staff, tipping them well and cracking jokes. 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 broke the previous record of $12 million, which was also held by him, from a previous visit to Crockfords in 1995.
Packer did not seem to be bothered by his loss, and left the casino with a smile. He reportedly said to Williams, “Thank God that’s over. 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.
Packer’s loss at Crockfords was not an isolated incident, but rather a reflection of his personality and gambling habits. Packer was a fearless and adventurous gambler, who loved the thrill and challenge of betting large sums of money. He was not motivated by greed or ego, but rather by the excitement and entertainment of the game. He once said, “I don’t gamble to win. I gamble to lose. It’s the only way to get a real kick.”
Packer was also a rational and disciplined gambler, who knew his limits and when to quit. He had a strict rule of never betting more than 5% of his net worth, which was estimated at $6.5 billion in 2004. He also had a rule of never chasing his losses, or trying to win back the money he had lost. He accepted his losses as part of the game, and moved on with his life. He is also known to have said, “If you can’t afford to lose, you can’t afford to gamble.”
Packer was also a generous and respectful gambler, who treated the staff and the other players with kindness and courtesy. He was known for his lavish tips, which sometimes amounted to millions of dollars. He also donated some of his winnings to various charities, such as the Royal Flying Doctor Service, and the Starlight Children’s Foundation.
Packer’s loss at Crockfords was a remarkable event, that captured the attention and imagination of the public. It is the result of his extraordinary wealth, his daring spirit, and his magnanimous character. It was also a reminder of the unpredictability and volatility of gambling, and the importance of having fun and being responsible. As Packer himself said, “Gambling is not about money. Gambling is about freedom.”
To understand why Packer engaged in such high-stakes gambling, it’s crucial to delve into his character. Those who knew him describe Packer as a man who relished challenge and competition. Gambling was an extension of his business persona – bold, decisive, and unafraid of monumental stakes.
His philosophy was that to win big, one had to bet big. But there was more to it than the thrill of the risk. For Packer, gambling was also entertainment, a way to unwind. He didn’t chase losses or allow them to significantly impact his mood. Money was a tool, a means to an end, not an end in itself.
Packer’s loss at Crockfords was sensational news, and it was a financial boon for the casino. However, it raised questions about the ethics of allowing individuals to wager such staggering sums. Some criticized the casino for enabling such high-stakes gambling, while others saw it as an individual’s right to risk their fortune as they pleased.
For Packer, the loss was merely an episode in his gambling chronicles. It didn’t dissuade him from future bets nor did it seem to dent his fortune or his enthusiasm for the game. His approach remained the same: only gamble what you can afford to lose, and enjoy the process.