Kerry’s $55 million weekend at the races
The year was 1991. The race meet was the Australian Jockey Club’s Easter Racing Carnival. The course, Royal Randwick in Sydney.
The late Kerry Packer, known for his voracious betting appetite, was betting big.
Unconfirmed legend has it that over the 3 day carnival he lost $55 million to a bookmaker named Bruce McHugh. Two days later McHugh handed in his bookies license amid claims he wanted to quit while he was ahead rather than face a relentless Packer chasing his losses with bigger bets (fair enough too…Packer did have a habit of bankrupting bookies willing to take him on). McHugh has always dismissed this as the reason for his hasty retirement, calling it “totally incorrect” .
He has also refused to either confirm or deny the exact sum he took that weekend maintaining that he had an arrangement with Packer never to disclose their dealings (other than to the tax man presumably!).
But he may have to finally spill the beans soon.
This particular piece of racing history has apparently become relevant in a largely unrelated legal battle being conducted in the Federal Court of Australia. Justice Alan Robertson was expected to today rule whether Mr McHugh be directed to reveal under oath exactly how much he won.
Mr McHugh didn’t have to provide the answer to this question.
“When asked again by Tony Bannon SC, for the AJC, how much he had made from Mr Packer, Mr McHugh again refused to answer. Justice Robertson rejected the question on the grounds of relevance.” …heraldsun.com.au
Looks like it’ll remain folklore rather than fact.
May have been more; may have been less. Certainly was a lot!