Crown embarked on a series of reforms after losing its Sydney license, including a major leadership reshuffle as it sought to realign its corporate culture with regulators\u2019 recommendations.<\/p>\n
Crown has apologized for the failings identified through these various regulatory processes, and we are committed to doing everything in our power to redress them and earn back confidence and trust,\u201d<\/strong> wrote the board in the annual report as it tried to reassure investors.<\/p><\/blockquote>\nThe board also told shareholders it had negotiated waivers with its bondholders that would provide “a period of time to negotiate with lenders or otherwise refinance the facilities.”<\/p>\n
Additionally, it secured an extra A$250 million (US$184 million) debt facility commitment with lenders, which could be used to repay its bonds, if necessary.<\/p>\n
Crown Resorts CEO Steve McCann said earlier this month that the company could lease out its properties to other operators should they lose their gambling licenses, although he added this was just one of \u201ca range of scenarios.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
Auditor KPMG has said the various regulatory investigations swirling around embattled casino giant Crown Resorts, coupled with the pandemic effects, have created \u201cmaterial uncertainties\u201d about whether the operator can continue as a going concern. The auditor warned that further cancellations or suspensions of Crown\u2019s gaming licenses in Australia could cause the company to default on […]<\/p>\n","protected":false},"author":36,"featured_media":185324,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[69069,10],"tags":[],"acf":[],"yoast_head":"\n
Crown Resorts at Future Risk of Default, Auditor Warns on Going Concern<\/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