R92 Gambling Activities

Crown keeps licence but will never be too big to fail

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Original article by Gus McCubbing
The Australian Financial Review – Page: 13 : 27-Mar-24

The Victorian Gambling & Casino Control Commission has ruled that Crown Resorts is entitled to retain its exclusive casino licence in Melbourne. The VGCCC’s chair Fran Thorn says it is satsified that the systemic failings of Crown’s Melbourne casino are a thing of the past. However, she has put the private equity-owned company on notice that it will continue to be under scrutiny and will face the "full extent of the law" if it reverts to the conduct that prompted a royal commission and the appointment of a special monitor to oversee its operations for the last two years. Crown’s casino licence in Melbourne had been at risk in the wake of revelations that it had breached anti-money laundering and counter-terrorism laws.

CORPORATES
CROWN RESORTS LIMITED, VICTORIAN GAMBLING AND CASINO CONTROL COMMISSION

Star facing second Bell probe into Sydney licence

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Original article by Glen Norris
The Australian – Page: 13 & 16 : 20-Feb-24

The NSW Independent Casino Commission has appointed Adam Bell SC to conduct a second inquiry into the Star Entertainment Group’s suitability to operate its Sydney casino. Nicholas Weeks has been running the casino as an independent manager since October 2022, after Bell’s first inquiry into Star found it had set up an "inherently deceptive and unethical process". Weeks’s appointment was extended for a second time in December 2023, and NICC chief commissioner Philip Crawford says that was because it was not satisfied Star was "progressing its remediation in a timely fashion". Bell’s second inquiry is due to run for 15 weeks, with his final report to be handed to the NICC by 31 May.

CORPORATES
THE STAR ENTERTAINMENT GROUP LIMITED – ASX SGR, NEW SOUTH WALES. INDEPENDENT CASINO COMMISSION

Bookmaker may be buying time on historic payout, racing CEO says

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Original article by Mark Di Stefano
The Australian Financial Review – Page: Online : 4-Oct-23

Online bookmaker Betr is having to pay out upwards of $40 million in the wake of Penrith’s win in the NRL Grand Final. It had run a promotion that allowed new customers odds of 100-1 on a number of major events including the NRL Grand Final, with a maximum bet of $10. Over 320,000 took up its offer, with bets on Penrith by far the most popular. With Betr stating it could take up to a week to pay all the money into customer accounts, Racing Queensland CEO Jason Scott has suggested it is buying time. Scott, who was formerly the CEO of wagering firm Ladbrokes, contends people are less likely to take money out of their account if a deposit comes in just before a big weekend of racing.

CORPORATES
BETR,[SPACE]RACING QUEENSLAND LIMITED,[SPACE]LADBROKES

BOOKMAKERS (GAMBLING) – AUSTRALIA]

Crown and AUSTRAC agree $450m fine

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Original article by Zoe Samios
The Australian Financial Review – Page: 15 & 22 : 31-May-23

A Federal Court hearing is scheduled for mid-July to consider a proposed settlement between Crown Resorts and Austrac over breaches of anti-money laundering and counter-terrorism financing laws. Crown has agreed to pay a fine of $450m, which would be the amongst the highest penalties imposed in Australia’s corporate history, and the largest incurred by a casino operator anywhere in the world. Crown has also agreed to a number of admissions, including failing to appropriately assess the money laundering and terrorism financing risks that its casinos faced.

CORPORATES
CROWN RESORTS LIMITED, AUSTRALIA. ATTORNEY-GENERAL’S DEPT. AUSTRALIAN TRANSACTION REPORTS AND ANALYSIS CENTRE, FEDERAL COURT OF AUSTRALIA

Packer’s Crown payday set for June 24

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Original article by Lucas Baird
The Australian Financial Review – Page: 15 : 16-Jun-22

The Federal Court has approved the $8.9bn acquisition of Crown Resorts by private equity firm Blackstone. Crown’s major shareholder James Packer will receive about $3.3bn for his stake in the casinos group. The sale of Crown signals the end of a turbulent period for Packer, who was forced to abandon a deal to sell a large stake in Crown to Melco Resorts in 2019. Scrutiny of that deal subsequently result in a NSW Independent Liquor & Gaming Authority investigation into allegations that Crown had breached anti-money laundering laws, and similar probes in Victoria and Western Australia.

CORPORATES
CROWN RESORTS LIMITED – ASX CWN, THE BLACKSTONE GROUP LP, FEDERAL COURT OF AUSTRALIA, NEW SOUTH WALES. INDEPENDENT LIQUOR AND GAMING AUTHORITY

Casinos need separate watchdog: O’Neill

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Original article by Jared Lynch
The Australian – Page: 15 : 26-May-22

The Star Entertainment Group’s outgoing executive chairman John O’Neill has expressed support for a new regulatory body specifically to monitor casinos. He has told an inquiry into Star’s suitability to hold its NSW casino licence that the Independent Liquor & Gaming Authority cannot be expected to oversee and monitor two casinos and every pub and club in the state. O’Neill added that investors have indicated that they are in favour of better regulation of large listed companies. O’Neill recently announced that he will step down from The Star’s board.

CORPORATES
THE STAR ENTERTAINMENT GROUP LIMITED – ASX SGR, NEW SOUTH WALES. INDEPENDENT LIQUOR AND GAMING AUTHORITY

Packer’s Crown influence extinct

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Original article by Paul Garvey
The Australian – Page: 13 & 17 : 3-Feb-22

The Western Australian government’s royal commission into Crown Resorts’ casino in Perth has commenced hearing the closing submissions. James Packer’s legal representative Noel Hutley SC told the inquiry that imposing a shareholding cap on Crown would affect the company’s ability to raise capital. Concerns have also been expressed that such a cap could potentially prompt private equity firm Blackstone to withdraw its $8.9bn takeover bid from Crown. Hutley has also told the inquiry that Packer no longer has any influence over Crown or its casinos. Packer’s family company Consolidated Press Holdings has a 37 per cent stake in Crown.

CORPORATES
CROWN RESORTS LIMITED – ASX CWN, THE BLACKSTONE GROUP LP, CONSOLIDATED PRESS HOLDINGS LIMITED

Odds of Crown buyout lengthen

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Original article by Lachlan Moffet Gray
The Australian – Page: 17 : 28-Oct-21

The Star Entertainment Group and private equity firm Blackstone are seen as potential bidders for Crown Resorts, given that both have previously made takeover plays for the casinos operator. The sale and leaseback of Crown’s casinos could be attractive to potential suitors. However, Larry Gandler of Credit Suisse says the appointment of a special manager to supervise Crown for two years will most likely rule out any sale and leaseback arrangement during this period.

CORPORATES
CROWN RESORTS LIMITED – ASX CWN, THE STAR ENTERTAINMENT GROUP LIMITED – ASX SGR, THE BLACKSTONE GROUP LP, CREDIT SUISSE (AUSTRALIA) LIMITED

Star loses $1b in value as probe widens

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Original article by Lucas Baird
The Australian Financial Review – Page: 13 & 20 : 12-Oct-21

Shares in Star Entertainment fell by 22.9 per cent on 11 October, following the publication of allegations that it allowed money laundering and infiltration by organised crime figures at its Gold Coast and Sydney casinos. NSW Independent Liquor and Gaming Authority chairman Philip Crawford said it would investigate the allegations, but that it would do so in private, claiming that the logistical and cost challenges were too great for the Authority to facilitate a public hearing. Shareholder and gambling-reform activist Stephen Mayne claims the allegations against Star show the need for a national casino regulator, a view shared by Independent federal MP Andrew Wilkie.

CORPORATES
THE STAR ENTERTAINMENT GROUP LIMITED – ASX SGR, NEW SOUTH WALES. INDEPENDENT LIQUOR AND GAMING AUTHORITY

Watchdog ‘didn’t vet gamblers’

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Original article by Rebecca Le May
The Australian – Page: 15 : 8-Sep-21

Western Australia’s former chief casino officer Michael Connolly has appeared before the state’s royal commission into Crown Resorts. He has told the inquiry that the state government did not undertake background checks on foreign high-roller gamblers because it was assumed that they were being vetted by federal agencies such as Austrac and the Australian Border Force. A ‘Four Corners’ report in 2014 examined the potential links between Asian high-rollers and organised crime, including money-laundering.

CORPORATES
CROWN RESORTS LIMITED – ASX CWN, WESTERN AUSTRALIA. GAMING AND WAGERING COMMISSION, WESTERN AUSTRALIA. DEPT OF LOCAL GOVERNMENT, SPORT AND CULTURAL INDUSTRIES, AUSTRALIA. ATTORNEY-GENERAL’S DEPT. AUSTRALIAN TRANSACTION REPORTS AND ANALYSIS CENTRE, AUSTRALIAN BORDER FORCE