Crown Resorts Can Keep NSW Licence

This week it was revealed that the New South Wales Independent Casino Commission has ruled that Crown Resorts is fit to keep its gaming licence for the Sydney location after working for three years to fix issues related to their operations.

The company had previously been ruled unsuitable to hold a gaming licence in the state by regulators after it was found to have been used to launder money. Crown was also found to have worked with junket groups that had ties to organised crime and therefore put employees at risk.

The findings led to the company having to negotiate an agreement to operate the property while working to fix issues with its operations. The company was eventually purchased by equity group Blackstone for $8.7 billion AUD.

For three years, the company has undergone policy changes and intense supervision from authorities, spending over $200 million AUD to change policies and the business structure.

Regarding the decision, NICC Chief Commissioner Philip Crawford said: "Hard work and transformation aside, the NICC has not forgotten the level of misconduct exposed in 2021 when Crown was found unsuitable. Crown Sydney has ongoing work to reach steady state and it must continue to lift standards and maintain its cultural transformation.

"There is and will always be room for improvement. But Crown is a changed business that is looking toward the future. Likewise, the NICC is a changed regulator with enhanced powers, a singular focus on casinos and a mandate to address the risks of harm.

"This decision is a positive outcome for Crown Sydney, its staff and the community - who can be sure the NICC will use all of its powers to keep the casino in check."

Crown Resorts CEO Ciarán Carruthers added: "We've spent the past two years pioneering a monumental transformation unlike anything seen before in corporate Australia. We must continue to build and maintain trust and respect while showing that success and commercial viability go hand in hand with trust, care and integrity.

"We know holding a casino licence is a privilege and an obligation we take extremely seriously. Crown will continue to build trust with our communities and stay focused on our vision to become a beacon of excellence for integrated resorts."

About the author

Kingston Li // Asia Correspondent
Kingston Li
Kingston is a big fan of Baccarat and Texas Hold'em Poker and has tested his skills in tournaments around Asia and the world. He covers the latest gambling news from Asia for Casino Listings. In his spare time, Kingston enjoys hiking, video gaming, and playing disc golf.
1 reply • Last post

Comments

usbarbadosslim93
Forum AngelForum Angel
barbadosslim93's picture
Location: Michigan
Joined: 28 Jan 2011
Posts: 15241
Thanks given: 852
Thanks received: 2157
23 April 2024 - 4:06pm
#1

As if there was any doubt. No way a company worth that much would actually lose their license. Too much to lose for the government.

Post new comment

Have something to say? Agree or disagree? Tell us what you think!

Login using your social network account
Or log in with a Casino Listings account

Login or register to post comments

Registering for an account takes less than a minute and you will be brought right back here to comment afterwards.