The Market Online - At The Bell

Join our daily newsletter At The Bell to receive exclusive market insights

  • Findings from an ongoing inquiry into Crown Resorts (CWN) have concluded the ASX-lister is unfit to hold a licence for its new casino in Sydney
  • An 800-page report commissioned by the New South Wales Independent Liquor and Gaming Authority was released today, following an 18-month inquiry into systematic issues within the gambling giant’s operations
  • The report attested it was “core problems” that made Crown unsuitable to hold the licence, citing “poor corporate governance” and “deficient risk-management structures”
  • Crown Resorts shares have been locked up in a trading halt, prior to this, they traded at $10.15 each

Findings from an ongoing inquiry into Crown Resorts (CWN) have concluded the ASX-lister is unfit to hold a licence for its new casino in Sydney.

The findings were overseen by former New South Wales supreme court judge Patricia Bergin in an 800-page report commissioned by the New South Wales Independent Liquor and Gaming Authority.

More specifically, the commission sought to establish whether Crown Sydney was a “suitable person” to hold a licence from the authority, following allegations from several media outlets that the resort had engaged with junket operators with links to drug traffickers, money launderers and organised crime groups.

The authority had granted a casino licence relating to the Barangaroo gambling facility in 2014.

The report concluded there were “core problems” that made Crown unsuitable to hold the licence, citing “poor corporate governance” and “deficient risk-management structures”.

The future of the James Packer-backed Barangaroo casino now hangs in the balance, as the report detailed a number of recommendations and changes required before a licence would be considered.

“Crown recognises that there is a need for cultural change,” Commissioner Bergin stated.

“However this must come from within Crown rather than from some proposal to the (Independent Liquor and Gaming) Authority in this process,” she explained.

The $2.2 billion gambling precinct was set to open in December last year but was denied by the NSW Independent Liquor and Gaming authority after the inquiry determined it was likely money laundering had taken place at existing Crown casinos in Melbourne and Perth.

Crown Resorts shares have been locked up in a trading halt, prior to this, they traded at $10.15 each.

CWN by the numbers
More From The Market Online
The Market Online Video

Is IPO mania back for the ASX? Sun Silver jumps 100% on first day of listing

Sun Silver is enjoying a strong debut on the local bourse with shares up 100% to…

BPH Energy reveals high-profile firms included in latest $1M placement

BPH Energy is raising $1M to help assist with the development of its two main activities…

Magnum Mining & Exploration (ASX:MGU) completes DSO sampling at Buena Vista, Nevada

Magnum Mining & Exploration (ASX:MGU) has completed the first phase of channel sampling at its Buena…
The Market Online Video

Magnum to raise US$210M to advance Saudi green pig iron plant

Through NASDAQ-listed VCCL and 2x1.Digital, Magnum Mining is kicking off a US$210M capital raise for its…