Crown a ‘role model Australian company’ says gambling tycoon James Packer
James Packer defended his gambling empire on Wednesday, calling the casino owner Crown Resorts a “role model” business that meant more to him than anything except his family.
Speaking at the annual general meeting, Mr Packer said Crown paid more tax as a percentage than any other business in Australia’s top 50 companies and he painted the big business tax avoiders as the real villains of corporate Australia.
“If you look at Transurban or Sydney Airport … they are basically paying no tax,” Mr Packer said.
“If you are the [Australian Business Awards] employer of the year three out of the last five years, if you are paying more tax than any other top 50 business in Australia and if you spend the amount of capex we do, I think we are a role model Australian company.
It’s a very different approach to his father’s infamous response to the federal print media committee hearing back in 1991, when the late Kerry Packer said “of course” he tried to reduce his tax.
“If anybody in this country doesn’t minimise their tax they want their head read,” Mr Packer said.
“As a government I can tell you you’re not spending it that well that we should be paying extra.”
Speaking on Wednesday Mr Packer jnr urged the federal government address corporate tax evasion.
“One of the issues that the federal government will face going forward, with the mining boom ending in the way it has there is a real risk the revenue trajectory will continue to disappoint on the downside,” Mr Packer said.
“If you believe the internet is going to keep growing … the issue of tax avoidance of a lot of multinationals is very real.”
Just days before he cuts the ribbon on Crown’s latest gaming venture, the Studio City casino in Macau, Mr Packer was extolling the virtues of Crown Resorts as a tax payer and an employer in Australia.
He said Crown paid $991 million in fiscal 2015 and reported a net profit of $332 million, the year before that it paid $595 million and achieved a net profit after tax of $325 million.
“Companies that pay tax matter, companies that employ people matter,” Mr Packer said.
Crown has an investment in the $4.4 billion Studio City through its 34 per cent stake in Macau casino operator Melco Crown Entertainment.
Macau has been hit hard by a sharp slump in high rollers and Melco’s plans for Studio City were dealt a blow this week after authorities scuttled plans for up to 400 gaming tables when the casino opens on October 27 by approving just 250.
