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Australia – JP Morgan pitch Crown licence revoke as ‘unlikely’

By - 30 September 2020

JP Morgan believes it is ‘unlikely’ that Australian operator Crown will lose its operating license following the delivery of a ruling from a regulatory inquiry into its suitability as a casino operator, however it believes Crown could be hit with a temporary suspension

Analysts Donald Carducci and Abhinay Jeggannagari said: “Given the 2014 Financial Deed Terms (and potential impacts to its Victoria and Western Australia licenses), the removal of an NSW license seems highly unlikely, in our view. We do not believe anything beyond a temporary suspension will eventuate, as the company has stated it will undertake a comprehensive review of processes related to junket operators and create a Head of Compliance and Financial Crimes role.”

They also believe Crown will be fined and it will be told to address internal compliance issues. Thee NSW Independent Liquor and Gaming Authority will deliver its findings by February 1 2021.

Caption: Crown Sydney which is due to open in mid-December

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