Australian Council of Superannuation Investors<\/a>, which provides advice to pension funds based in the country, has called on Jane Halton, John Horvath, and Guy Jalland to be removed, and other long-term board members should be thinking about their position on the board.<\/p>\n<\/div>\nThe concerns about the company\u2019s management were also spotlighted in a documentary that aired a year ago. That report showed footage of a junket operator helming a cash desk at the Melbourne casino.<\/p>\n
Ken Barton, Crown\u2019s CEO and one-time CFO, acknowledged he only learned of the cash desk by watching the documentary.<\/p>\n
Crown Stock Takes Hit<\/h2>\n
The news of the investigation sent Crown\u2019s stock on the ASX tumbling in trading Monday.<\/p>\n
By 2 pm local time in Sydney (11 pm Sunday ET), the stock was down nearly 9 percent to AUD 8.19 (US $5.81).<\/p>\n
Like other gaming stocks, Crown had a precipitous fall due to the COVID-19 crisis that shut down casinos. It lost about half its value in a month, as the stock traded as low as AUD 5.84 in mid-March.<\/p>\n
The stock rebounded to nearly AUD 11 in early June, but has since fallen gradually.<\/p>\n","protected":false},"excerpt":{"rendered":"
Crown Resorts Limited announced Monday morning (Sunday night, ET) that Australian authorities are investigating the gaming company\u2019s Melbourne casino for potential violations of money laundering and other laws. The Australian-based gaming company made the revelation in a statement to the Australian Securities Exchange after AUSTRAC informed the company that it \u201cidentified potential non-compliance\u201d by Crown […]<\/p>\n","protected":false},"author":45,"featured_media":152309,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[69069],"tags":[],"acf":[],"yoast_head":"\n
Crown Resorts Reveals Money Laundering Probe by Australian Authorities<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n