The fitness of Crown Resorts to retain its casino license has been called into question.
Following an extensive 18-month inquiry, retired Supreme Court Justice Patricia Bergin issued her conclusive assessment of Crown Resorts, declaring the corporation “unfit” to maintain a casino license within New South Wales.
Bergin spearheaded a public investigation into claims that Crown’s gambling establishments in Melbourne and Perth facilitated money laundering activities and that the company’s high-roller initiatives might have connections to criminal syndicates. The former judge was tasked with evaluating the company’s suitability to hold the license for its recently constructed $2.2 billion (US$1.7 billion) casino situated in Sydney’s Barangaroo precinct. Throughout the inquiry, she unearthed a multitude of concerns that would have likely remained concealed otherwise.
“Any entity seeking a casino license exhibiting the characteristics observed in Crown’s situation would be deemed unsuitable for licensing, regardless of any attempts made to enhance its corporate ethos, governance, and risk mitigation strategies,” Bergin asserted.
Bloomberg reveals that Bergin’s report suggests capping individual equity stakes in any casino to 10%. Regulatory authorities will convene for a dedicated assembly on February 12th to deliberate on the suggestions and determine whether to enforce any of them.