CASINOS – VICTORIA – REGULATION

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

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

Crown on last warning

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Original article by Rachel Baxendale, Lachlan Moffet Gray
The Australian – Page: 1 & 2 : 27-Oct-21

Royal commissioner Ray Finkelstein has made 33 recommendations in his final report on Crown Resorts. Finkelstein found that Crown is unsuitable to operate its Melbourne casino, and stated that Crown Melbourne’s conduct was "variously illegal, dishonest, unethical and exploitative" over a number of years. However, Crown will retain its sole Victorian casino licence for two years, although it will subject to strict conditions. Among other things, Stephen O’Bryan has been appointed as a special manager to supervise Crown’s Melbourne casino, while James Packer will be required to reduce his 37 per cent stake in Crown to less than five per cent by September 2024.

CORPORATES
CROWN RESORTS LIMITED – ASX CWN, CROWN MELBOURNE LIMITED

Crown casino may sell cheaply

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Original article by Lachlan Moffet Gray
The Australian – Page: 17 : 6-Aug-21

Analysis by Credit Suisse suggests that the value of James Packer’s 37 per cent stake in Crown Resorts would fall by about $300m to just $1.86bn if the group were to lose the licence for its Melbourne casino. Credit Suisse also says a ruling that Crown is unsuitable to hold the Melbourne licence could force it to sell the casino complex for less than full value, given that it is located on leased government land. However, Credit Suisse does not expect Victoria’s royal commission into Crown Resorts to recommend cancelling the licence outright.

CORPORATES
CROWN RESORTS LIMITED – ASX CWN, CROWN MELBOURNE LIMITED, CREDIT SUISSE (AUSTRALIA) LIMITED

Vic royal commission accuses Crown’s Coonan of undermining it

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Original article by Elouise Fowler, Hannah Wootton
The Australian Financial Review – Page: 1 & 12 : 9-Jul-21

Victoria’s royal commission into Crown Resorts has been told that the casino group’s executive chair Helen Coonan appeared to be seeking to undermine the inquiry. Adrian Finanzio, SC, the counsel assisting the inquiry, has read out a letter from Coonan to Victoria’s Gaming Minister Melissa Horne that was sent on 2 July, in which Coonan sought an urgent meeting with Horne and in which she spoke of "catastrophic consequences" if the royal commission were to make adverse findings against Crown’s Melbourne casino licence; Crown contributes 12 per cent of Victoria’s tax take. Royal commissioner Ray Finkelstein said the letter suggested to him that Crown was trying to interfere with the inquiry.

CORPORATES
CROWN RESORTS LIMITED – ASX CWN

Crown slugged with $1m fine over junkets

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Original article by Lachlan Moffet Gray
The Australian – Page: 2 : 28-Apr-21

The Victorian Commission for Gambling & Liquor Regulation has ordered Crown Resorts to pay a fine of $1m over its dealings with so-called ‘junket’ operators that have links to organised crime groups. It is the maximum penalty under Victoria’s Casino Control Act. However, Crown will not face an outright ban on future dealings with junket operators. Instead, it will not be permitted to resume partnerships with such operators at its Melbourne casino until the regulator is satisfied that its processes have been improved.

CORPORATES
CROWN RESORTS LIMITED – ASX CWN, VICTORIAN COMMISSION FOR GAMBLING AND LIQUOR REGULATION

Crown closed out risk probe

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Original article by Damon Kitney
The Australian – Page: 17 & 20 : 26-Aug-19

The Victorian Commission for Gambling and Liquor Regulation recommended in 2018 that Crown Resorts review its anti-money-laundering controls and internal risks systems. The recommendations resulted from the VCGLR’s review of Crown’s Victorian casino licence, with the VCGLR advising Crown to get help from Austrac in the review of its anti-money-laundering controls. Crown has stated both reviews were completed over a month before allegations regarding its links with organised crime were raised in the media.

CORPORATES
VICTORIAN COMMISSION FOR GAMBLING AND LIQUOR REGULATION, CROWN RESORTS LIMITED – ASX CWN, AUSTRALIA. ATTORNEY-GENERAL’S DEPT. AUSTRALIAN TRANSACTION REPORTS AND ANALYSIS CENTRE