CASINOS – AUSTRALIA

Ex-Star boss denies police warning on Suncity crime links

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Original article by Glen Norris
The Australian – Page: Online : 14-Mar-25

The Australian Securities & Investments Commission is taking legal action against a number former executives and directors of Star Entertainment in the Federal Court. ASIC is alleging they breached their duty of care in relation to money laundering controls at its casinos, with former Star CEO Matt Bekier giving evidence on Thursday. Bekier told the court that he was not concerned by an email from chief casino operator Greg Hawkins that police had excluded six people associated with Suncity from its Sydney casino, possibly because of links to organised crime, with Suncity being Star’s biggest junket operator. Bekier said he thought that if the police had genuine concerns about the people that they would raised it with Star, rather than "just excluding people without telling us the reason".

CORPORATES
AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION,(SPACE)THE STAR ENTERTAINMENT GROUP LIMITED – ASX SGR,(SPACE)FEDERAL COURT OF 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

Wager addict sues Crown, seeking $4.5m

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Original article by Hannah Wootton
The Australian Financial Review – Page: 3 : 11-Aug-21

Crown Resorts is already facing a number of class actions regarding its conduct over the last decade. However, Ahmed Hasna has become the first individual to pursue legal action against the casino operator. Hasna alleges that Crown took advantage of his gambling addiction and encouraged him to gamble on credit. He is seeking to recover about $4.5m that he gambled at Crown, and alleges that Crown’s treatment of him amounted to unconscionable conduct. Peter Lawrence, Crown’s head of VIP customer service, had told the Victorian royal commission that the group’s treatment of Mr Hasna was irresponsible.

CORPORATES
CROWN RESORTS LIMITED – ASX CWN

Crown pays Victoria $61m in unpaid taxes

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Original article by Elouise Fowler
The Australian Financial Review – Page: 8 : 28-Jul-21

Crown Resorts has advised that it will pay some $37m of unpaid gambling taxes to the Victorian government, plus $24m worth of penalty interest. However, counsel assisting the state’s royal commission into Crown Resorts recently told the inquiry that Crown’s total unpaid tax bill dating back to 2012 could potentially be around $480m, a figure that has been disputed by the casinos group. The unpaid tax bill relates to the rewards program associated with Crown’s electronic gaming machines.

CORPORATES
CROWN RESORTS LIMITED – ASX CWN

Packer taps Moelis to weigh up Crown sale

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Original article by Lachlan Moffet Gray
The Australian – Page: 13 & 17 : 7-Apr-21

Consolidated Press Holdings has appointed investment bank Moelis Australia to advise on a possible sale of its 37 per cent stake in Crown Resorts. The private investment vehicle of businessman James Packer has stated that it is open to any "suitable transaction" for Crown shares, including the $8bn indicative bid from US private equity firm Blackstone. The offer of $11.85 per share values Packer’s stake in Crown at around $2.95bn. The casino group’s shares fell 0.84 per cent to $11.81 on 6 April.

CORPORATES
CROWN RESORTS LIMITED – ASX CWN, CONSOLIDATED PRESS HOLDINGS LIMITED, MOELIS AUSTRALIA PTY LTD – ASX MOE, THE BLACKSTONE GROUP LP

Victoria, WA circle Crown over new reports on shady deals

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Original article by Lucas Baird
The Australian Financial Review – Page: 21 & 26 : 20-Nov-20

The Victorian Commission for Gambling & Liquor Regulation has directed Crown Resorts to produce two reports that it presented to the New South Wales inquiry into its Sydney casino. The reports indicate that money laundering occurred in ‘shell accounts’ linked to Crown’s Perth and Melbourne casinos, while the VCGLR has indicated that it has received a response from Crown about the ‘show cause’ notice issued in October regarding Crown’s links with questionable junket operators with alleged links to organised crime. Evidence regarding the shell accounts will also be considered by Western Australia’s Gaming and Wagering Commission on 24 November.

CORPORATES
CROWN RESORTS LIMITED – ASX CWN, VICTORIAN COMMISSION FOR GAMBLING AND LIQUOR REGULATION, WESTERN AUSTRALIA. GAMING AND WAGERING COMMISSION

Crown property assets spin-off on the cards

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Original article by James Thomson, Larry Schlesinger
The Australian Financial Review – Page: 20 : 1-May-20

Citi analyst Bryan Raymond contends having Blackstone as a new shareholder increases the likelihood that casino operator Crown Resorts could spin-off its property assets. Crown contemplated the idea in June 2016, but abandoned the idea some months later. It is estimated Crown’s property assets could be worth up to $5.6 billion, while Dean Dransfield from consultants Dransfield Hotels and Resorts says Crown should only sell its accommodation assets.

CORPORATES
CROWN RESORTS LIMITED – ASX CWN, CITI AUSTRALIA PTY LTD, BLACKSTONE, DRANSFIELD HOTELS AND RESORTS PTY LTD

Crown pays out $205m as staff languish

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Original article by John Stensholt
The Australian – Page: 13 & 16 : 17-Apr-20

Crown Resorts CEO Ken Barton says a new $1bn debt financing deal will assist the group to ride out the impact of the coronavirus lockdown and complete work on its Barangaroo casino in Sydney. Crown has stood down some 11,500 employees since closing down its Melbourne and Perth casinos in late March, while it has confirmed that shareholders will receive the previously-declared interim dividend of $0.30 per share. Rival casino operator The Star Entertainment Group has stood down 8,500 employees and deferred its interim dividend. Both companies have registered for the JobKeeper wage subsidy scheme.

CORPORATES
CROWN RESORTS LIMITED – ASX CWN, THE STAR ENTERTAINMENT GROUP LIMITED – ASX SGR

Packer’s sale of $1.76b stake in Crown Resorts puts spotlight on Barangaroo pledge

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Original article by Nick Bonyhady, Nick Toscano
The Brisbane Times – Page: Online : 31-May-19

James Packer has sold half of his stake in Crown Resorts to Hong Kong-based Melco Resorts & Entertainment, a company with which Crown once operated a casino in Macau under a joint venture. The $1.76 billion deal was transacted via Packer’s private company Consolidated Press Holdings, and leaves Packer with around 25 per cent of Crown. However, there are suggestions that the share sale may breach the conditions of Crown’s operating licence in New South Wales; a condition of the agreement requires Crown to have no associations with Stanley Ho, the father of Melco owner Lawrence Ho.

CORPORATES
CROWN RESORTS LIMITED – ASX CWN, MELCO RESORTS AND ENTERTAINMENT