ShareCrown Resorts plans to open its AU $2.2 billion (US $1.5 billion) casino in Sydney. The company finished building the facility, which overlooks Sydney Harbor, in December 2020 but has been unable to operate its casino owing to New South Wales (NSW) government restrictions. There is currently no formal opening date for the casino functions.
The NSW Independent Liquor & Gaming Authority (ILGA) has permitted the casino resort to provide gaming on a limited basis for the next 18β24 months. The commission believes Crown has reached a position where it can now provide gaming due to the firm's reforms over the last year.
On Wednesday, ILGA chairman Philip Crawford of Crown Sydney stated, "Crown has reinvented its gaming strategy from the bottom up, which has included profound structural transformation surrounding governance, anti-money laundering procedures, and corporate culture."
According to The Guardian, the ILGA will rigorously monitor any modifications at Crown Sydney throughout the probationary term to assure their continuance. Throughout the probation period, the regulator will evaluate if the casino is deserving of full license permission.
Following a thorough investigation into Crown, the Sydney resort was initially only allowed to operate its hotel and dining outlets. After a lengthy inquiry, retired Supreme Court judge Patricia Bergin found Crown unsuitable for managing the Sydney casino in February. The investigation unearthed cases of money laundering and connections to organized crime.
After being acquired by US private equity firm Blackstone for AU $8.9 billion (US $6.1 billion) in a transaction completed earlier in June, Crown is currently a privately owned corporation. Blackstone had to demonstrate that it would implement the required measures to stop any additional problems before it was allowed to take over the casino activities. This Friday, Blackstone will formally become the owner of Crown.
Proposed Changes
The NSW government also unveiled proposals to revamp the region's casino regulations on Wednesday. One suggestion is to establish an Independent Casino Commission with broad enforcement and compliance authority. ΕΎ
The changes prohibit casinos from collaborating with junket companies and impose stricter reporting requirements for any suspect conduct.
Similar changes are reportedly also coming to Western Australia, where Crown Resorts runs the only casino in the region. A royal commission in Western Australia determined that Crown was unfit to run the Crown Perth casino.
Nevertheless, the company has two years to make improvements while being closely monitored by independent observers.
