Mr Packer, who controls just over 50 per cent of Crown Resorts, told his fellow shareholders at the casino operator's annual general meeting that trading in the first 15 weeks of the year had been "mixed at best".

Mr Packer said consumer sentiment at the Melbourne and Perth properties has been soft. But high-roller punters have had a lucky start to the year, with casino win rates at both properties described by Mr Packer as "poor".

"Our VIP businesses are almost $100 million below the theoretical result less than four months into the financial year due to an adverse win rate or put simply, bad luck," he said.

"The punters are killing us!"

Mr Packer defended Crown's $US1.9 billion ($2.2 billion) foray into Las Vegas, telling a shareholder he was offended by any assertion that he had pushed through the decision. Australian Shareholders Association representative John Campbell had asked the chairman about the decision-making process that led Crown to return to the Vegas market. Crown's initial, ill-timed attempt prior to the global financial crisis led to $2 billion in write-downs.

"I have made a lot of mistakes in my life but one thing I try not to do is make the same mistake twice," Mr Packer said. "We've got an absolute world-class management team in Las Vegas this time."

The Crown chairman said the total project would cost between $US1.6 billion and $US1.9 billion. The casino will sit on a 35-hectare site that Crown bought in a joint venture for $US280 million in August. Crown's total equity investment will be between $US400 million and $US500 million, he said.

The venture is with former Wynn Las Vegas senior executive Andrew Pascal, who will run the group, and hedge fund Oaktree Capital Management, although Crown will own a majority stake.

The chief executive of Crown, Rowen Craigie, said that so far this year, in the period July 1 to October 12, "local trading continues to be impacted by the general softness in consumer sentiment".

The sluggish consumer spending kept revenue growth from main gaming floor tables and poker machines to 2 per cent. Non-gaming revenue, from operations like food, beverage and accommodation, also rose 2 per cent compared to the same time last year.

Mr Craigie also acknowledged that times have been tough in Macau, where Crown owns 33.6 per cent of joint venture Melco Crown alongside Chinese gaming heir Lawrence Ho.

"Market conditions across Macau did weaken during the fourth quarter of [the 2014 financial year]," he told the meeting.

While revenue from the main gaming floor and non-gaming operations rose 2 per cent in the period, turnover from Crown's domestic high-roller punters was flat compared to the previous corresponding period, Mr Craigie said.

Turnover refers to the total amount bet, while revenue refers to the amount left behind by punters.