Operator News

NSW puts faith in Crown as it finds operator suitable to retain its Sydney licence

By Phil - 23 April 2024

The NSW Independent Casino Commission has found Crown Sydney suitable to retain its casino licence after nearly three years of intensive remediation.

Chief Commissioner, Philip Crawford, said Crown has come a long way and must now demonstrate its long-term commitment to maintaining suitability. The NICC is confident the Crown we deemed suitable today has a strong model to keep operating into the future,” Mr Crawford said.

The NICC’s suitability assessment established that Crown Sydney has fundamentally reformed its business and is operating the casino within the objects of the Act, the requirements of the suitability deed, and in compliance with its regulatory obligations.

In addition to proving it can run the casino lawfully, Crown has remediated its business in other meaningful ways such as building a culture of transparency and accountability across its integrated resort. 

“Hard work and transformation aside, the NICC has not forgotten the level of misconduct exposed in 2021 when Crown was found unsuitable,” said Mr Crawford. “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,” he added. 

In addition to the implementation of hundreds of new internal controls, the Bergin-based reforms have been reflected in a new licence and new regulatory agreement between Crown Sydney, the NSW Government and the NICC.

These agreements include updated settings, such as the removal of fetters to the NICC’s powers, as well as previous compensation trigger clauses that are no longer part of the casino legislation.

“Crown cannot disregard the responsibility and privilege that comes with holding a casino licence. Crown Sydney’s ability to provide a destination hospitality and entertainment venue underpinned by the restricted gaming facility is contingent on its steadfast commitment to continuing suitability, accountability and compliance.”

“The NICC would like to give special thanks to Liquor & Gaming NSW and Kroll Australia for their efforts to help the NICC reach this stage.”

Crown has invested $200m in a comprehensive transformation of its business, implementing extensive reforms across harm minimisation, financial crime, governance, compliance, and risk. This work has been implemented under new ownership and executive leadership, following the acquisition of Crown by Blackstone in June 2022, as well as the implementation of new Boards, including Crown Sydney’s Board under the Chairmanship of John Borghetti.  

Crown Sydney has introduced rigorous standards to deter and detect money laundering as part of its ongoing focus on financial crime prevention. As part of this, Crown Sydney was the first in NSW to introduce cashless gaming on all Electronic Table Games (ETGs). This, coupled with Crown’s innovative and industry-leading harm minimisation program, Crown PlaySafe, has transformed Crown Sydney into the safest place to gamble in the State. 

The $2.2bn Crown Sydney resort opened in December 2020 as an anchor resident of Barangaroo and since then, has attracted millions of visitors to the area. Today, Crown Sydney is home to award-winning restaurants and bars, a world-class hotel and has cemented itself as part of the iconic Sydney skyline. 

Crown Perth continues its transformation activities and implementation of its remediation plan, which is due to be submitted to the Perth Independent Monitor by the end of January 2025. 

Crown Sydney CEO Mark McWhinnie said: “Since opening the Crown Sydney casino in August 2022, we have worked tirelessly to implement wholesale reform across our business, delivering 432 remediation activities to the NICC across key areas, including harm minimisation, financial crime, compliance, risk, and culture. 

“The NICC’s decision today recognises the genuine and sustainable changes we’ve made and our ongoing commitment to operating at the highest industry standards. I would like to thank the NICC, led by Chief Commissioner, Philip Crawford, for his continued leadership, professional engagement and commitment to regulatory reform.   Crown Sydney is the safest place to gamble in the State.”

“Today’s outcome would not be possible without the unwavering hard work and dedication of our team and while we take a moment to recognise this milestone today, we know that the work doesn’t stop here. Our transformation has laid the pathway for the future so we can exceed the expectations of our guests, team members, stakeholders and the community.”  

Crown Resorts CEO Ciarán Carruthers added: “Under the ownership of Blackstone, who brought in new executive leadership, management, and Boards, the Crown of today has been rebuilt from the inside out. We’ve spent the past two years pioneering a monumental transformation unlike anything seen before in corporate Australia. 

“We remain committed to Crown’s ongoing cultural transformation, compliance, and ensuring that we are the safest gambling venue in Australia while providing a fun and entertaining environment for our guests. 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. 

“I would like to thank Philip Crawford for his leadership of the NICC and echo his sentiment that we must remain steadfast in our commitment to suitability, accountability and compliance. 

“I am immensely proud of what our team has accomplished with two of our three properties being found suitable to retain their casino licences and we continue to focus on our ongoing remediation work in Perth. 

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