Crown Resorts has accepted its fate that for better or for worse it will have to prove its reputation as a reliable gaming giant in Australia once again. The next two years will be challenging, but it all seems to be going well. However, the company is not exactly sure it understands the motivation behind […]
Victoria’s state government officials have made up their minds regarding the amount they would dedicate to stronger oversight of Crown Melbourne’s operations. The 2022/23 yearly budget will put aside AU$55.6 million (US$39.3 million) for the implementation of a series of Royal Commission recommendations regarding the iconic venue. The Money Will Assist Special Manager Stephen O’Bryan’s […]
Blackstone’s takeover of Crown Resorts has been delayed due to the fact that the private equity company needs to make a case with Australian regulators that it is fit to be in control of the casino operator. As a result, Blackstone will have to wait additional 3 weeks to receive the necessary approvals. The Company […]
Crown Resorts is facing a sanction of up to AU$100 million ($75 million) for violations of the Casino Control Act related to the illegal transfer of funds from China via China UnionPay cards. New Disciplinary Action against Crown Melbourne The Victorian Gambling and Casino Control Commission (VGCCC) launched the new disciplinary action against the troubled […]
The Foreign Investment Review Board has given the green light on Blackstone Group’s proposed acquisition of Crown Resorts and in doing so, the first hurdle has been passed as the Australian government has no objection to the purchase. Blackstone Offered $6.5 Billion All-Cash to Buy Crown Blackstone’s offer of AU$8.9 billion ($6.5 billion) was met […]
A probe into Crown Perth’s business completed by the Perth Casino Royal Commission (PCRC) in Australia deemed the company not suitable to hold a license. However, the Commission decided to grant Crown Perth the possibility to remedy its shortcomings for a period of two years instead of proposing license revocation. During that time, Crown Perth […]
Crown Resorts has faced some of its most challenging years of operations, with the company buffeted by regulatory headwinds, lack of travelers and players, and stringent COVID-19 restrictions that kept many properties on shutdown or running skeletal services. To Crown Resorts managing director and CEO Steve McCann, the worst may now be over with the […]
Crown Resorts announced that it entered into an implementation deed under which its shares will be acquired by Blackstone Inc. for AU$13.10 per share. Blackstone, Crown Resorts Enter Into Implementation Deed Crown Resorts, one of Australia’s largest entertainment groups and a leading casino operator, announced on Monday that it entered into an implementation deed with […]
Barry Felstead, a former chief executive officer of Crown Resorts, rejected intermediary findings of the Perth Casino Royal Commission that, according to his barrister, could lead to prosecution, The Sydney Morning Herald reported. Rejecting Findings Leading to Prosecution The former boss of Crown Resorts from 2013-2020 Barry Felstead, via his barrister Joanne Shepard, addressed the […]
The gaming regulator in Western Australia (WA) has admitted that it did not properly manage conflicts of interest related to Crown Perth’s operations. The admission comes as a royal commission investigates whether poor government oversight led to problems such as money laundering and problem gambling at the casino. This revelation will give Crown Resorts ammunition […]
