Crown Resorts retains Sydney casino license in New South Wales
Date: 2024-04-23 Author: Robert Beloved Categories: CASINO
News of Crown Resorts retaining its Sydney casino license in New South Wales comes as the Australian giant ends a three-year recovery period. Crown's case continued in uncertainty following a Bergin report in February 2021 which rated the company as "unsuitable" to operate a casino in Sydney's city centre, Barangaroo. The investigation revealed evidence of the use of casino premises and accounts for money laundering, as well as insufficient vetting of tour operators linked to organized crime. In addition, the company was accused of putting employees at risk by promoting gambling in mainland China.
Path to recovery
As a result, Crown was prevented from operating its Sydney casino for more than a year. However, after 16 months of intensive efforts, including under new management and the A$8.87 billion acquisition by private equity giant Blackstone, Crown has finally been granted permission to operate in New South Wales. The agreement with the Independent Liquor and Gaming Authority of New South Wales was reached subject to strict Crown oversight.
Reforms and investments
To ensure it retains its license, Crown said it will implement extensive reforms to its business, including harm minimization, financial crime and risk management. Particular attention was paid to combating money laundering. Crown has also allocated funds to strengthen collaboration with regulators and ensure compliance.
Regulator assessment
The New South Wales Independent Casino Commission praised Crown's work as a fundamental transformation of the business. The company was found to be able to effectively operate the casino in accordance with laws and regulations. In addition, Crown has proven its commitment to cultural transformation by creating an environment of transparency and accountability across its resort properties.
The way forward
NICC Chief Commissioner Philip Crawford said he was confident that Crown had demonstrated its commitment to long-term support for suitability and high standards. However, he noted that the company still has work to do to improve and improve. The NICC pledges to continue to use all of its powers to monitor and supervise casinos to ensure the safety and legality of the gambling industry in New South Wales.
