Two Australian casinos, one dream: the battle for Sydney’s gamblers

Two Australian casinos, one dream: the battle for Sydney’s gamblers

Article brief provided by The Sydney Morning Herald
  • Harriet Alexander and Amelia McGuire, The Sydney Morning Herald
May 25, 2024 11:51 AM
  • Harriet Alexander and Amelia McGuire, The Sydney Morning Herald

Crown Resorts and The Star glare across at each other from either side of Darling Harbour, with all the swagger and scandal and shame of the last decade passing as water under Pyrmont Bridge.

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Once great rivals, they are no longer in competition. One casino is fully compliant, and empty. The other has customers, and is at risk of losing its licence.

An overlooked detail from the troubles that have swept the casino industry in recent years is that they began by accident.

In 2019, James Packer, the controlling shareholder of Crown Resorts, was desperate to sell. Each morning he woke up and reviewed the profit and loss statements; each morning his day would be made or ruined by the results.