{"id":154429,"date":"2020-11-04T16:09:23","date_gmt":"2020-11-05T00:09:23","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=154429"},"modified":"2020-11-04T17:42:01","modified_gmt":"2020-11-05T01:42:01","slug":"crown-resorts-unsuitable-for-licensing-in-new-south-wales-sydney-casino-jeopardized","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/crown-resorts-unsuitable-for-licensing-in-new-south-wales-sydney-casino-jeopardized\/","title":{"rendered":"Crown Resorts \u2018Unsuitable for Licensing\u2019 in New South Wales, $1.4 Billion Sydney Casino Jeopardized"},"content":{"rendered":"

Lawyers assisting an inquiry into Crown Resorts<\/a> in New South Wales have recommended the company be found unsuitable for licensing in the southeastern Australian state, throwing the $2 billion ($1.44 billion) Crown Sydney into jeopardy.<\/p>\n

\"Crown
Crown Sydney will be the city\u2019s tallest building. But will it have a gambling license? (Image: Wilkinson Eyre)<\/figcaption><\/figure>\n

The company hopes to open the new casino at the end of the year, an impossible feat without a gambling permit. But all is not lost for Crown.<\/p>\n

The inquiry\u2019s chairwoman, the former Supreme Court Judge Patricia Bergin, will now deliberate on the recommendations until February 1. After that, she will offer her own recommendations to the state gambling regulator, the Independent Liquor and Gaming Authority (ILGA).<\/p>\n

Ultimately, Crown Sydney\u2019s fate lies with ILGA.<\/p>\n

\u2018Disastrous Failures\u2019<\/strong><\/h2>\n

The inquiry has been ongoing since January, with interruptions from the coronavirus pandemic. Its focus has been whether Crown allowed itself to become a money laundering conduit by letting high rollers gamble with sports bags full of cash. It also asked whether the company turned a blind eye to criminal elements within the junket groups that were its business partners.<\/p>\n

Summing up on Tuesday, Adam Bell said that \u201cthe China incident alone\u201d was enough to cast serious doubts on the company\u2019s suitability for licensing.<\/p>\n

Bell was referring to the arrest in 2015 and subsequent imprisonment of 19 Crown employees in China for marketing the company\u2019s services in violation of Chinese law.<\/p>\n

\n

The inquiry discovered that the workers were encouraged to remain in China to generate profits for the company. That’s despite clear warnings of an imminent crackdown on cross-border gambling by Chinese authorities.<\/strong><\/p>\n<\/div>\n

The incident demonstrated \u201cdisastrous failures\u201d of corporate governance and risk assessment, Bell said.<\/p>\n

Adieu Packer?<\/strong><\/h2>\n

It may be that Crown\u2019s license survives this process, but not without the company first making some profound changes. That could mean not only a shakeup at board and management levels, but also a change of ownership.<\/p>\n

Billionaire James Packer is the company\u2019s largest shareholder with 36 percent. The former CEO and chairman no longer sits on the board. But the inquiry found that his influence \u2013 and that of his personal investment company Consolidated Press Holdings \u2013 was pervasive, and not in a positive way.<\/p>\n

Last month, the inquiry heard that Packer had threatened violence against private-equity executive Ben Gray for the latter\u2019s refusal to help him take Crown Resorts private.<\/p>\n

It also heard that Packer was privy to sensitive information about the financial health of the company, which he was able to relay to Melco Resorts prior to his $1.7 billion sale of his shares in Crown to Melco, a possible breach of securities laws.<\/p>\n

A penitent Packer told the inquiry<\/a>\u00a0 last month that he understood that the divestiture of his shares could be the only way for Crown to emerge with its license intact.<\/p>\n","protected":false},"excerpt":{"rendered":"

Lawyers assisting an inquiry into Crown Resorts in New South Wales have recommended the company be found unsuitable for licensing in the southeastern Australian state, throwing the $2 billion ($1.44 billion) Crown Sydney into jeopardy. The company hopes to open the new casino at the end of the year, an impossible feat without a gambling […]<\/p>\n","protected":false},"author":36,"featured_media":154430,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[21,13592],"tags":[],"acf":[],"yoast_head":"\nCrown \u2018Unsuitable for Licensing\u2019 in NSW, Sydney Casino Jeopardized<\/title>\n<meta name=\"description\" content=\"Crown Resorts and James Packer are unsuitable for licensing For Crown Sydney according to lawyers assisting the NSW inquiry.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/crown-resorts-unsuitable-for-licensing-in-new-south-wales-sydney-casino-jeopardized\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Crown \u2018Unsuitable for Licensing\u2019 in NSW, Sydney Casino Jeopardized\" \/>\n<meta property=\"og:description\" content=\"Crown Resorts and James Packer are unsuitable for licensing For Crown Sydney according to lawyers assisting the NSW inquiry.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/crown-resorts-unsuitable-for-licensing-in-new-south-wales-sydney-casino-jeopardized\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2020-11-05T00:09:23+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-11-05T01:42:01+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/11\/crown.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1400\" \/>\n\t<meta property=\"og:image:height\" content=\"900\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Philip Conneller\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@casinoorgphilc\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Philip Conneller\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/crown-resorts-unsuitable-for-licensing-in-new-south-wales-sydney-casino-jeopardized\/\",\"url\":\"https:\/\/www.casino.org\/news\/crown-resorts-unsuitable-for-licensing-in-new-south-wales-sydney-casino-jeopardized\/\",\"name\":\"Crown \u2018Unsuitable for Licensing\u2019 in NSW, Sydney Casino Jeopardized\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/crown-resorts-unsuitable-for-licensing-in-new-south-wales-sydney-casino-jeopardized\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/crown-resorts-unsuitable-for-licensing-in-new-south-wales-sydney-casino-jeopardized\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/11\/crown.jpg\",\"datePublished\":\"2020-11-05T00:09:23+00:00\",\"dateModified\":\"2020-11-05T01:42:01+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/58769b72851c8cf117fb58ca150ebf8b\"},\"description\":\"Crown Resorts and James Packer are unsuitable for licensing For Crown Sydney according to lawyers assisting the NSW inquiry.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/crown-resorts-unsuitable-for-licensing-in-new-south-wales-sydney-casino-jeopardized\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/crown-resorts-unsuitable-for-licensing-in-new-south-wales-sydney-casino-jeopardized\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/crown-resorts-unsuitable-for-licensing-in-new-south-wales-sydney-casino-jeopardized\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/11\/crown.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/11\/crown.jpg\",\"width\":1400,\"height\":900,\"caption\":\"Crown Sydney will be the city\u2019s tallest building but will it have a gambling license? 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