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Casino
June 1, 2022
Crown Resorts Financial Profile to Remain Fairly Intact by VGCCC Penalty
The close-to-$60 million (AU$80 million) fine that was slapped on Crown Melbourne in Australia is not very likely to have an immediate negative bearing on the property’s financial results. Following the issuance of the penalty by the Victorian Gambling and Casino Control Commission or VGCCC for its acronym, credit rating agency Fitch looked into the […]
Legal
May 30, 2022
Crown Melbourne Fined $57.4M USD By VGCCC
The Crown Melbourne drama has come to an end as the Victorian Gambling and Casino Control Commission (VGCCC) fined the operator AU$80 million ($57.4 million USD) over the China Union Pay bank card scandal. Crown Melbourne breached the Casino Control Act of 1991 and was under a lot of scrutiny in the recent period. Crown […]
Legal
May 26, 2022
Queensland to Reform Gambling Laws amid Star Inquiry
Queensland plans to introduce new gambling laws instead of launching inquiries against operators, the government announced. This comes amid ongoing action against Star Entertainment in other Australian states. Queensland Plans to Introduce New Laws In the wake of the recent inquiries against Star Entertainment Group and Crown Resorts, Queensland realized that it needs to introduce […]
Casino
May 25, 2022
Crown Melbourne May Face Legal Action after Supercar Valet Theft
An incident at Crown Casino in Melbourne is raising concerns about Crown Resorts’ security protocols after a $500,000 luxury car was taken from the casino’s parking but not by the person who had left it there. Security Protocol Failure Around 3am on Sunday, a valet attendant at Crown Melbourne gave the keys to a luxury […]
Legal
May 25, 2022
VGCCC Announced EGM Rules at Crown Melbourne
The Victorian Gambling and Casino Control Commission (VGCCC) has prepared a new set of restrictive regulations at Crown Melbourne. This comes after Crown Resorts announced its interest in better understanding what the newly imposed electronic gaming machines (EMG) tax levy would mean for its operations. The tax would generate up to AU$30 million ($21.3 million) […]
Business
May 24, 2022
Crown Resorts’ $6.5B Acquisition Pending Final Court Hearing
Australian land-based casino operator Crown Resorts announced in a filing with the Australian Securities Exchange (ASX) today that it has filed materials conccerning the proposed acquisition by Blackstone with the Federal Court of Australia. Final Court Hearing Date Pending Last week, Crown Resorts shareholders voted to almost unanimously approve the proposed transaction by way of […]
Industry
May 20, 2022
Crown Investors Approve Blackstone’s Takeover Bid
As Blackstone prepares to acquire Crown Resorts, the casino company inquired about its investors’ opinion on the deal. As it turns out, most of them support the takeover. Crown’s Shareholders Approve the Scheme Blackstone, an American investment management company, announced its intentions to acquire Crown Resorts. The Australia Foreign Investment Review Board reviewed the deal […]
Casino
May 3, 2022
Crown Resorts Wants to Better Understand New EMG Tax Levy
Crown Resorts has accepted its fate that for better or for worse it will have to prove its reputation as a reliable gaming giant in Australia once again. The next two years will be challenging, but it all seems to be going well. However, the company is not exactly sure it understands the motivation behind […]
Casino
May 2, 2022
Victoria’s Officials Set Aside $39.3 million to Increase Crown Melbourne Surveillance
Victoria’s state government officials have made up their minds regarding the amount they would dedicate to stronger oversight of Crown Melbourne’s operations. The 2022/23 yearly budget will put aside AU$55.6 million (US$39.3 million) for the implementation of a series of Royal Commission recommendations regarding the iconic venue. The Money Will Assist Special Manager Stephen O’Bryan’s […]
Business
April 27, 2022
Blackstone Set to Wait Three More Weeks to Take Over Crown Resorts
Blackstone’s takeover of Crown Resorts has been delayed due to the fact that the private equity company needs to make a case with Australian regulators that it is fit to be in control of the casino operator. As a result, Blackstone will have to wait additional 3 weeks to receive the necessary approvals. The Company […]