IDNSport – Slow progress for Crown Resorts Limited,
According to a report from Yahoo Finance, these revelations came from the Chairman for the New South Wales Independent Liquor and Gaming Authority, Philip Crawford, during a press conference to discuss the firms progress towards obtaining a gambling license for its new Crown Sydney property.
Crown Resorts Limited was initially refused a casino license for the $1.5 billion Sydney development in February owing to concerns that it may have been complicit in a slew of money laundering offenses tied to its utilization of junkets. Operators purportedly often partner with such enterprises in order to promote their venues to wealthy overseas gamblers and handle these individuals subsequent travel, accommodation and foreign banking or credit needs.
The rejection from the New South Wales Independent Liquor and Gaming Authority subsequently sent Crown Resorts Limited into turmoil with the firm now reportedly working alongside the regulator to institute a number of changes earlier recommended by an independent investigation chaired by former New South Wales Supreme Court Judge Patricia Bergin. The operator, which is also responsible for the Crown Melbourne and Crown Perth properties, has already been barred from utilizing junkets in the state of Western Australia and purportedly now intends to eschew their use nationwide.
As it looks to repair its reputation and Crown Resorts Limited is reportedly moreover considering a number of buy-out offers including a $9.4 billion proposition from fellow Australian casino operator The Star Entertainment Group Limited. Crawford purportedly pronounced that such a transaction would require the consent of multiple state regulators including his own following careful consideration of a range of issues including just how such a merged entity would operate and whether any existing arrangements would need to be altered.
Crawford reportedly proclaimed
Any changes to Crown Resorts Limited’s ownership structure including takeover or merger proposals require the New South Wales Independent Liquor and Gaming Authority to consider a range of issues.
As part of its ongoing rehabilitation and Crown Resorts Limited has furthermore reportedly agreed to contribute just over $9.6 million to cover some of the costs of the Bergin-led inquiry and pay an increased annual supervisory fee for the next two year of $3.8 million. The Melbourne-headquartered firms new Executive Chair, Helen Coonan, purportedly disclosed that the operator would soon begin consultations regarding a revised yearly rate from 2023 onwards.
Coonan reportedly stated
While we recognize we have more work to do, we welcome the New South Wales Independent Liquor and Gaming Authoritys indication today that our reform implementation is well advanced towards suitability to operate gaming at Crown Sydney.