Evening Standard (London): Packer 'loses 12m in Vegas'

THE RICHEST man in Australia, Kerry Packer, is today reported to have lost at least 12million in a three-day gambling spree in Las Vegas, writes Richard Holliday.

Industry sources said the 62-year-old media entrepreneur - known as one of the world's biggest gamblers - took one of the biggest "baths" in the town's history at the Bellagio Hotel playing his favourite game, baccarat.

Mr Packer took his place at a card table on Friday 14 July, and by midnight he was down by between 7 million and 8 million. After catching up on his sleep - and doubtless waking to hope it had all been a bad dream - he returned to the tables to try his luck again.

Alas, throughout the Saturday and Sunday it failed him miserably.

It would seem that Mr Packer must enjoy getting fleeced at the tables.

Almost a year ago, during a three-week streak at the blackjack tables at London's Crockford's, he went down to the tune of 10 million, believed to be the biggest single loss in British gambling history.

Happily his recent losses will hardly dent his wallet. Last year his personal fortune was put at 3 billion in a survey of Australia's richest individuals.

Dave Bern of the Las Vegas Review Journal said: "Packer is one of the biggest 'whales' in the world, as we call them. He likes to gamble as much as $100,000-$150,000 per hand on games and sometimes may have two hands going at once."

A spokesperson at Packer headquarters declined to comment.