Packer defends Sydney casino bid process

Tycoon James Packer has defended the way he and the New South Wales Government have gone about securing a second Sydney casino at a new harbour-side development.

Yesterday the New South Wales Government gave a preliminary tick of approval for the casino-hotel proposal at the Barangaroo site.

	James Packer says the casino is a chance to honour his late father's legacy.

The Government says any new casino will not be allowed to start operation until 2019 because of an exclusivity arrangement with Star Casino.

And the project will not go out to tender - although Mr Packer insists he would have won any tender had it been conducted.

Last night Mr Packer told a business dinner in Sydney that he was not just interested in making money, but wanted to build something "special" on the site at Barangaroo.

"I spent a lot of time in casinos as a kid with my dad, and I ended up thinking, f***, this must be a good business," he said.

"My dad was a lot smarter than I am and a lot more successful than I'll ever be, but he got his adrenalin rushes from going to a casino.

"That's the customer that we want. And there are a lot people out there who can afford it, and who you're selling adrenalin to, and they're happy to pay for that experience."

Mr Packer and his gaming company Crown Limited are having an especially good run of luck.

He says the latest project has been given the preliminary tick not because of lobbying, but because it is a really good idea.

"The Labor Party and the Liberal Party were prepared to look at this – or the Labor Party especially – in a bipartisan manner and Premier O'Farrell was willing to say 'let's just do it'," he said.

"There's three stages, and we've got to get through stages two and three ... Premier O'Farrell's made it very clear that we're not done and I don't think we're done, we're a long way from done, but we've had a very good day."

Mr Packer also defended his decision not to wait for a competitive tender process.

"The unsolicited proposal legislation was designed for good ideas and this is a good idea and we took advantage of the legislation that was in place," he said.

"So I think frankly if there was a tender it would be very hard to see how we wouldn't have won it."

So far, the gaming venue has been touted as one that would lure high rollers, especially international tourists, and it would not have pokies.

But Mr Packer says that could change.

"This is not an economic no-brainer," he said.

"You know, there has never been a casino in the world built for a billion dollars without slot machines.

"So we're entering virgin territory, and we're sitting there and saying we'll wait until 2019, as we should."

At the same time as promising to give Sydney an economic kickstart, he says he wants to be the one to leave a legacy in keeping with his father's.

"This is more than just about money for me," he said.

"I am a great believer in Sydney, this country has been incredibly kind to my family, this city has been incredibly kind to my family.

"My dad was a larger-than-life figure and I think this is my chance to do something, you know, that is special."

Source: ABC News, 26 October 2012