The Man who took the MGM Grand for $24m
High up in the legends of gambling folklore sits Australian Kerry Packer.
Just like the real whale is endangered, the world also has a small handful of people known as “Whales”. Whales are the elite members in the gambling world. They tip big, the win big, and they lose big. Kerry Packer was arguably the top whale in the world.
People still argue about his claim to fame. Was it being Australia’s richest man? How about owning 60% of Australia’s magazines? Founding the World Series of Cricket perhaps? Does paying off a waitress’s mortgage as a tip count? Is it the story about betting a rich Texan an amount equal to the Texan’s net worth on a coin toss? (Note: The Texan backed down, in case you’re wondering.)
Some say his greatest claim to fame happened at the MGM Grand in Las Vegas Nevada. Like most whales, Kerry Packer was invited (some say begged) to spend time at the MGM Grand. Kerry agreed and made the MGM Grand one of his stops for Blackjack and Baccarat. Casino wisdom says a gambler playing over time will eventually lose any winnings and make the casino profit equal to the house edge. Having a billionaire like Kerry Packer was seen as a very good thing. That didn’t end up being the case. Kerry Packer took MGM for over $24 million dollars by winning at Baccarat and Blackjack. Some stories say the $24 million is a lie. The true amount was $33 million (Australian). It’s whispered he almost broke the MGM Grand with his Blackjack and Baccarat wins.
Though no fault of Kerry, several top level casino workers lost their jobs for inviting Kerry to visit the MGM Grand. How top level you ask? The president of MGM, Larry Woolf was fired. He was given one job to perform before being terminated. Fly to Australia and tell Kerry Packer that he would never be allowed to bet at the MGM. Even when you win you lose!
Was this a smart move on the part of MGM? Kerry Packer just took them for $33 million. Would it be smart to chance him repeating the process again? Nobody knows what would have happened if he continued to bet at the MGM. We can make a good guess though. One year later, Kerry Packer lost $20 million at the Bellagio. Perhaps the MGM could have recovered some of Kerry’s Baccarat winnings?
Kerry Packer will always be remembered for nearly breaking the bank at the MGM Grand. Let’s hope he’ll be remembered for his generosity and philanthropy as well.
RIP Kerry Packer - you definitely made your mark.
