James Packer Says His Sydney Crown Is Like TV Stations Buying Expensive Sports Broadcast Rights

James packer has made some interesting comparisons in an article by Damon Kitney at The Australian, saying his spend on a new casino in Sydney is like TV stations buying expensive sports broadcast rights.

Photo: Getty/Lucas Dawson

“This is like a media company buying sporting rights where you are happy to end up in a break-even position for the halo effect it has over the rest of the network, he told The Australian.

“We modelled and bid Crown Sydney to approximately a 9 per cent IRR (internal rate of return), which is basically a break-even position.”

Last week an independent panel chose Packer’s development proposal for Sydney’s Barangaroo site over rival Echo Entertainment’s, after a highly-publicised ‘Casino War’.

As The Australian points out, this might not be how Crown investors want to think of the multi-billion resort and VIP-only casino.

Read more here.

Now read: Packer Slams Echo’s Queensland Developments As ‘A Disgrace’

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