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Casino
March 29, 2021
Blackstone’s Crown Resorts Bid to Face Regulatory Scrutiny
NSW’s gambling regulator boss, Philip Crawford, has said that Blackstone will face extensive regulatory scrutiny in its bid for Crown Resorts. Blackstone to Face Regulatory Scrutiny Blackstone’s $8 billion takeover bid for Crown Resorts should be coming to a successful close as the investor seems hell-bent on making this one work. Yet, challenges abound. The newest one comes from […]
Casino
March 22, 2021
Crown Receives AU$6.2B Buyout Offer from Blackstone Group
Troubled Australian casino operator Crown Resorts received a buyout offer from Blackstone Group Inc, the company revealed Monday declining to comment further on the unofficial bid. Price Discovery Crown’s second-largest shareholder Blackstone offered AU$11.85 per share bringing the total valuation to AU6.2 billion, but when the news hit the wires Crown’s shares jumped more than […]
Legal
February 22, 2021
Victoria Announces Royal Commission into Crown Melbourne
Crown Melbourne is subject to an AUD$5 million royal commission following a recent scandal involving Crown Resorts and organized crime. Money Laundering and Organized Crime The Victoria government has announced the launch of an investigation into casino operator Crown Resorts‘ flagship property in Melbourne to decide whether it is a suitable license holder in the […]
Legal
February 9, 2021
Crown Resorts Found Unsuitable to Hold NSW Casino License
Crown Resorts were dealt a significant blow to their business plans after the final report from the New South Wales (NSW) inquiry found the casino operator unsuitable to hold a casino license for its new AU$2.2 billion resort in Barangaroo near Sydney. Unsuitable for Casino License The damning verdict of the report submitted Tuesday afternoon […]
Casino
January 3, 2021
Packer Allegedly Meets with Adelson, Fuels Crown Sale Rumor
An encounter in the French Caribbean further fueled speculation Crown Resorts’ major shareholder James Packer is looking for the way out of the company, seeking to cash in on his 36% stake in the casino and hospitality operator. Multi-Million Yachts Docked Beside Each Other James Packer celebrated New Year’s Eve on board of his $200 […]
Casino
January 2, 2021
China Decided Crown Sydney’s Fate Ahead of License Decision
Long-awaited opening of Crown Resorts’ new AU$2.2 billion casino resort in Barangaroo near Sydney happened Monday, but casino operations did not commence as the Independent Liquor and Gaming Authority (ILGA) blocked the ASX-listed company from opening its casino until a final decision regarding its casino license is reached. ILGA Final Decision Pending Following on Crown’s […]
Casino
December 28, 2020
Crown Resorts Introduces New Transfer Funds Requirements
Crown Resorts is desperately seeking to improve its compliance ahead of an urgent review of its casino license in Victoria by the state government. The casino operator announced new requirements related to transfers of money to its properties in Melbourne and Perth. Money Transfers Only from Personal Bank Accounts According to the new measure aimed […]
Casino
December 28, 2020
Crown Resorts Sydney Hotel Opens Doors, Casino Stays Shut
The newest Crown Resorts property in Sydney, Australia, opened its doors today. Although visitors can enjoy the hotel, multiple restaurants and bars, the property’s casino remains closed for the moment. Crown’s Property in Sydney Opens Doors without Its Casino Crown Resorts’ newest venue located in Sydney, Australia opened its doors for visitors today. Although the […]
Casino
December 16, 2020
Crown Sydney Non-Gaming Allowed to Open December 28
Crown Resorts was allowed to open its new AU$2.2 billion casino resort in Barangaroo near Sydney, albeit for its non-gaming operations, after the gaming regulator in New South Wales (NSW) issued an interim liquor license for the property. The Independent Liquor and Gaming Authority (ILGA) granted a license for the Crown Sydney hotel, bars and […]
Casino
December 14, 2020
AUSTRAC Identified Serious Risks Related to Junket Operations
Australian financial crime watchdog AUSTRAC uncovered a number of criminal activities related to casino junket operators which are being targeted by organized crime and foreign spies to facilitate dirty cash flows through the casinos, as well as make political donations. “Some junket tour operations have been exploited, and in some instances infiltrated, by serious and […]