The Life and Adventures of Australia's Top Gambler, Kerry Packer
Kerry Packer,an Australian media tycoon, had an aggressive approach to business. But hisinfluence didn't stop there; he also made significant changes to the game of cricket,impacted many political battles in Australia, and even ensured that every New SouthWales ambulance was equipped with a defibrillator after a heart attack.
Nonetheless,he'll mainly be remembered as an incredible gambler who could make or break acasino's earnings in just a few hours. While casino managers feared him, employeesadored him due to his humor and the fact that he often gave fantastic tips.
So, how didthis man amass such enormous wealth, and why did he invest so much time, money, andeffort into cricket?
Let's find outstarting in a hot December in Sydney.
Early Life
Kerry Packer was born in Sydney,Australia, in December 1937, to Sir Frank Packer and Gretel Bullmore. During hischildhood, Packer lived through World War II, experiencing the fear of a Japaneseinvasion.
In May and June1942, there were Japanese submarine attacks on Sydney harbor. This led to himmoving to Bowral, a rural town in New South Wales' Southern Highlands, where hecame down with polio and spent nine months in the hospital. Upon leaving thehospital, Packer moved to Canberra for two years to regain his strength.
His prolongedabsence from school made it difficult for him to catch up when he returned toSydney. He faced difficulties because of undiagnosed dyslexia, and he was soonreferred to as "the family idiot" by his father.
Although Packeralways maintained a positive view of his father, others saw him as a monsterprone to alcohol-fueled rages. It's been suggested that Packer suffered bothphysical and psychological abuse from his parents, which may have affected himlater in life.
In an interviewtranscribed by Inside Story, Packer described his father as "firm but fair."
Creating Australia's Largest Fortune
Kerry Packerwas not a self-made man; he inherited his father's AU$100 million media empireupon his death in 1974. At the time, the empire included two television stations,a number of radio stations, multiple provincial newspapers, and the country'slargest magazine publishing company.
Packer onlyreceived this inheritance because his older brother Clyde was written out of thewill following a dispute that happened two years before Sir Frank's death. Aftertaking over at age 37, Packer quickly proved himself an effective businessman byexpanding his father's empire to include property development businesses andinvesting heavily in cattle ranching.
His mediabusiness still provided the bulk of his income, and it was the basis for his mostfamous business move.
In 1987,Australian TV stations were skyrocketing in value. Packer chose to sell his network,The Nine Network, to fellow high achiever Alan Bond for an astonishing AU$1 billion.
Three years later,Bond's financial troubles allowed Packer to buy the same network back for justAU$200 million, earning an astonishing AU$800 million profit. He famouslycommented, "You only get one Alan Bond in your lifetime, and I've had mine."
Knowing whento buy and when to sell defined Packer's career, making him Australia's richest personand the 94th wealthiest person globally. His estimated fortune peaked at over $5 billion, with land holdings larger than Belgium.
Revolutionizing Cricket
Cricket inthe 1970s was thought to have little commercial potential. Games were slow andboring, and players struggled to make a living.
When Packer'soffer to acquire exclusive broadcasting rights for Australia's 1976 test matches wasrejected by the Australian Cricket Board despite being a generous one, heresorted to creating his own cricket series, World Series Cricket, which aimed tomaximize the sport's commercial potential.
In summary, KerryPacker, an Australian media mogul, had a victorious business approach with ataste for gambling, significant influence in cricket, and a positive impact onpolitics and medicine. Born in December 1937, he endured a difficult early life,living through World War II and his father's frequent absences as he prioritizedwork and the war effort.
Inheriting hisfather's AU$100 million media empire upon his death in 1974, Packer expanded it toinclude property development businesses and cattle ranching. He made a significantprofit by buying and selling his television network, The Nine Network, which madehim Australia's wealthiest person.
KerryPacker's commercial acumen secured cricket's potential by creating his owncricketing series, World Series Cricket, after an unsuccessful bid to acquire therights to broadcast Australia's 1976 test matches. Remarkably, he had an estimatednet worth of over $5 billion and controlled an area larger than Belgium in landholdings.
Packer, the wealthy mogul behind the revolution in cricket, enlisted the services of some of the top cricket players in the world. Leading the pack was England's captain Tony Greig. With this elite team, Packer created several international squads that competed against each other in the 1977-78 and 1978-79 seasons.
World Series Cricket thrived unhindered by rules and traditions. This allowed Packer to mould the game to better suit the needs of broadcasters and marketing. He shortened matches from five-day tests to one-day internationals and even introduced day-night games, two formats that are still popular today. Other changes included helmets, colorful uniforms, and salaries previously unheard of in the sport.
Following the 1978-79 season, World Series Cricket met its end in a deal that saw Channel Nine, owned by Packer, awarded exclusive broadcasting rights for Australian Test Cricket along with a ground-breaking 10-year promotion and marketing contract.
The impact of his contribution to cricket was significant. A moment of silence was observed before the second day of the Australia vs South Africa test game to honor his memory after his passing was announced.
The High Roller's Legend
Regardless of his dominance in the business world and the sporting community, Packer will be famously remembered as a legendary gambler.
Driven by his vast wealth, Packer had the means to place bets that would be the stuff of dreams for most people. His ruthless stance in the world of gambling made the likes of casino managers swell with both anticipation and fear.
His preferred game was baccarat, a popular choice that took him to places like the MGM Grand, Bellagio, and the prestigious Crockford's Club in London. Packer made a notorious impression on the latter, breaking the record for the largest gambling loss to occur in Britain. Over a three-day period, he lost $16.5 million, surpassing Frank Saracakis, who lost $13 million playing roulette at the same establishment.
As with all gamblers, losses are part of the game. Perhaps his most notable win happened at the MGM Grand in Las Vegas, where Packer pocketed $20 million in just 40 minutes. Such monumental bets could have major implications for casinos, impacting their fortunes, depending on whether he won or lost. If Packer lost big, their stocks would soar on Wall Street. If he won, they might struggle financially.
Such a gambler would inevitably leave a mark on those serving him. Packer's magnanimity was well-known, with his generosity often including large cash tips. In one instance, he placed a $100,000 bet for a dealer he frequented and won. This sum was unprecedented, as Paul Weintraub, a former executive at Wynn Casino, explained: "He was the biggest tipper ever in this city. No one has ever made a $100,000 bet for a dealer except him. I just think he was very generous."
There's no doubt Packer enjoyed indulging in the high life. This was signaled by his demeanor when asked to leave a table by an overbearing Texan who believed he was also a 'big player'. Packer simply replied, "If you really want to gamble, I'll flip you for it." Needless to say, the Texan declined the offer.
Kerry Packer's Last Days
As he approached the end of his life, Packer battled with multiple health issues, having suffered at least four heart attacks. One of these incidents occurred while playing polo, leaving him clinically dead for seven minutes. After being revived by paramedics, he donated AU$2.5 million to health services to fund defibrillators for all New South Wales ambulances.
He also confronted kidney failure towards the end, a condition that was temporarily alleviated when his long-time helicopter pilot, Nick Ross, generously donated a kidney to Packer.
Although Kerry Packer's medical treatments failed to stop his deteriorating health, he breathed his last on 26th December 2005, at 68 years old. A state-organized memorial service honored him, and it was held at the Sydney Opera House. Speeches were made by his son James, actor Russel Crowe, and Prime Minister John Howard.
Kerry left behind a tight-knit family, including his wife Roslyn, son James, and daughter Gretel. He had a close bond with all of them.
The Legacy of Kerry Packer's 'All-In' Life Persists
Kerry Packer's fearless attitude toward life has left a lasting impression, even 17 years after his demise. One manifestation of this is the growing popularity of short form cricket in broadcasting.
His remarkable impact on gambling can still be seen today, as the Packer name made the news once again. Crown Sydney, a casino concept by his son James from ten years ago but never realized by him, is finally set to open in August after receiving a license.
Despite the casino's inauguration, no one anticipates a gambler of Packer's legendary caliber to return. According to Paul Weintraub, a veteran in this business, "I've been in this field for a long time. I've witnessed some of the biggest players in the world. I don't believe there will be a player like Kerry Packer again."
Feature image: Inside Story
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