We gamblers and advantage players. We’re complicated.
We’re smart, obsessive, and we make great stories. The greatest of all was Kerry Packer.
I know it’s ironic: A coupon scuffler let’s-get-it-for-free guy like me is fascinated by the biggest whale of all time. Sure, it’s goofy, but the question remains, what can we learn from them?
When Packer’s father died in 1974, Kerry inherited a $100 million Australian media and casino empire. He was apparently dyslexic, a poor student in some ways and clearly brilliant in others.
He was the biggest player that Vegas, London, and other casino jurisdictions ever saw. He could win or lose tens of millions in a single trip and he did. Often. He had $20 million credit lines all over the world. Some reports claim he was a card counter, but everyone agrees he understood variance and was willing to work through it. And tipping? A George like no other. If you’re a George with billions, you’re still a George. But if you are an asshole with money, you’re still an asshole.
Here’s a partial list of Packer’s gaming accomplishments and busts.
In one run down the Strip, he won $20 million from 4 joints, then $13 million more at another.
Hi first eight-figure loss in one sitting was also the biggest loss in UK history; it took place at Crockfords, which came out ahead 11 million pounds.
Aspinall Casino in the UK didn’t fare as well; Packer bankrupted it in May 1990.
He once lost $33.3 million at Bellagio.
On March 31, 1992, he was up $9 million at Caesars Palace, which had to report a 50% drop in quarterly profits. He lost it back the next day.
After winning $26.2 million at MGM and tipping the dealer pool $250,000, key casino executive Larry Woolf was dispatched to inform Packer he was banned. Then MGM fired Woolf, too.
Then there was the time that a Texan at a high-stakes poker tournament at Stratosphere was making too much noise. Kerry asked him to tone it down and the Texan blurted out,
“Who are you?! I’m worth a hundred million dollars! What do you think a that?”
Kerry responded, “I’ll flip you for it.”
And these are the best. In two interactions with waitresses, he paid off their mortgages for $130,00 and $150,000. He also had multiple health problems and after being rushed to the hospital for heart problems in time, he tipped all three drivers $1 million. Each.
Kerry was a George and we loved him for all he did. When he died, he was worth $6.5 billion.
Notoriously media shy, Packer didn’t like journalists. I hope he would have liked my reporting of him.
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An important line was missed in this post.
It comes after the line..
In 1974 Kerry inherited $100 million .
( what was missed was…)
” When he died 30 years later his net worth was $6.5 Billion”
So when he bet 7 and 8 figures and tipped 6 or 7 figures it had a different context.
Bobby
He sounds like a guy I would have liked to hang around with, apparently he did it “his way”.
Larry Woolf was not fired for this incident. He did disagree on the decision to ban Kerry Packer but it had no bearing on his decision to leave MGM wiener he had been Chairman, President and CEO FOR OVER 6 YEARS
I would have loved to been there for the big-mouthed Texan’s reply. Most likely a series of mumbles and grunts.
Great column! In a world that is sadly growing more homogeneous by the day, the old time characters are sorely missed. Particularly the ones with class like Mr. Packer. R.I.P. sir.