GAMBLING INDUSTRY – AUSTRALIA

Gambling lobby pushes Labor to consider age verification to block minors from betting

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Original article by Josh Butler
The Guardian Australia – Page: Online : 25-Sep-24

The federal government recently announced plans to use age verification technology to impose age restrictions on social media. Some critics of the government’s proposed restrictions on gambling advertisement have suggested that similar technology could be used to prevent children from accessing wagering platforms. Meanwhile, the vAlliance for Gambling Reform’s chief advocate Tim Costello has expressed concern that the government will not take sufficient action to crack down on gambling ads.

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ALLIANCE FOR GAMBLING REFORM

Labor’s attempts to tie gambling harm advocates into ridiculous secret agreements rejected

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Original article by Melissa Davey, Paul Karp
The Guardian Australia – Page: Online : 7-Aug-24

The Alliance for Gambling Reform is one of the organisations that have been invited to the federal government’s briefing on its proposed gambling advertising reforms. However, attendance at the briefing on Friday is conditional on signing a 12-page non-disclosure agreement. The Alliance’s chief advocate Tim Costello says his organisation will not sign the agreement, and he has questioned why it is necessary given that details of the reforms have been leaked to the media. The government has previously attracted scrutiny over its use of non-disclosure agreements in consultations over its legislative reforms.

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ALLIANCE FOR GAMBLING REFORM

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.

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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.

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

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

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.

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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

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.

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CROWN RESORTS LIMITED – ASX CWN, CROWN MELBOURNE LIMITED

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

Blow to Packer as NSW commits to casino shake-up

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Original article by Lachlan Moffet Gray
The Australian – Page: 13 & 18 : 19-Aug-21

The New South Wales government has advised that it will implement all 19 recommendations made by the Bergin inquiry into Crown Resorts. Amongst other things, former judge Patricia Bergin recommended the creation of an independent casino regulator and a ban on individuals or businesses owning more than 10 per cent of a casino operator without regulatory approval. This is likely to require James Packer to reduce his 37 per cent stake in Crown, while it may also make it harder for him to sell his stake to potential buyers of the group.

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CROWN RESORTS LIMITED – ASX CWN