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Tag Archives: Crown Resorts

Australia – Crown receives improved takeover offer from Blackstone

Crown Resorts announced that it has received an unsolicited and non-binding proposal from a company on behalf of funds managed and advised by Blackstone Inc. and its affiliates to acquire all of the shares in Crown by way of a scheme of arrangement at a price of A$12.50 cash per share. The offer price will…

Australia – Crown appoints Simon McGrath as CEO of Crown Sydney

Crown Resorts has appointed renowned hotelier and experienced Asia Pacific executive, Simon McGrath, to the role of Chief Executive Officer, Crown Sydney and Crown Resorts Group Head of Hospitality. Currently the Chief Executive Officer of Accor Pacific, Mr McGrath has over three decades experience across the Pacific region. At Accor Pacific, Mr McGrath is responsible…

Australia – Crown confirms COVID-19 passport needed at Melbourne and Sydney casinos

Crown Resorts has confirmed that mandatory COVID-19 vaccinations will apply to all visitors to Crown Resorts in NSW and Victoria, including their employees, customers and contractors. Crown Perth consultation on the implementation of the Policy is expected to be finalised shortly. This follows on from a month-long consultation period announced in September, which saw the…

Australia – Crown holds onto Melbourne licence despite being slammed as ‘illegal, dishonest, unethical and exploitative’

Australia’s Crown Resorts has managed to hold onto its licence to operate its casino in Melbourne despite a royal commission slamming the company for being ‘illegal, dishonest, unethical and exploitative.’ Having detailed a ‘litany of failings’ by Crown including the fact it had ‘facilitated money laundering,’ Commissioner, Ray Finkelstein said a special manager should be…

Australia – Crown’s Barangaroo resort gets NSW liquor licence

The NSW Independent Liquor & Gaming Authority (ILGA) has approved three interim liquor licences for Crown’s Barangaroo resort that were due to expire on 31 October 2021. ILGA chair Philip Crawford said the liquor licences had again been issued on an interim basis and will expire on 30 June 2022. “In December last year, ILGA…

Australia – Closures saw Crown Resorts fall by 31.3 per cent

Australian casino giant Crown Resorts saw its full-year revenues impacted by 31.3 per cent due to the unstable COVID operating environment with the year bringing in revenue of $1,536.8m. Crown Melbourne faced significant disruption, with gaming operations closed for 160 days, resulting in revenue of $582.5m down 60.6 per cent on the prior comparable period….

Australia – Inquiry into Crown Melbourne’s suitability delivers damning verdict

The inquiry assisting the Royal Commission into Crown Melbourne has advised that Crown Resorts should be found as unsuitable to keep its casino license following breaches of Victoria’s Casino Control Act. Adrian Finanzio SC said: “The misconduct that has given rise to the loss of confidence and trust is at the most serious end of…

Australia – Crown employs 70 members of staff in Financial Crime & Compliance

Troubled Australian casino operator Crown has employed 70 members of staff to make sure it stays out of any further regulatory trouble following a series of investigations into its anti-money laundering failings at all its Australian casinos. Crown stated: “As part of Crown’s Reform Agenda, Crown has been increasing resourcing and capability across a number…

Australia – Fitch outlines era of tougher scrutiny in Australia following Crown investigations

A new report by Fitch Ratings believes that recent rulings against Crown Resorts being a suitable operator in New South Wales as well as ongoing financial investigations against gaming operators mark the start of an era of much tighter scrutiny on how casinos operate. Fitch said: “We expect compliance costs for gaming operators to climb…