Inquiry finds Crown Resorts unfit to run its Sydney casino

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Star warns of major hurdles to earnings at The Star Sydney on increased casino duty rates, regulatory challenges

Australia's Star Entertainment Group has warned that the future earnings capacity of The Star Sydney could be seriously harmed should the NSW state government proceed with plans to substantially increase casino duty rates starting in FY24. In an earnings and outlook update filed with the Australian Securities Exchange on Monday, Star explained that…

Industry ・ 13 February 2023

Reuters

'Frankly shocking': Inquiry says Star unfit to hold Sydney casino licence

SYDNEY, Sept 13 (Reuters) - Star Entertainment Group (SGR.AX), Australia's second biggest casino operator, has been found unfit to hold a casino licence in Sydney after an inquiry into alleged breaches of anti-money laundering laws and criminal infiltration released its report. Australia's New South Wales (NSW) state gambling regulator on Tuesday…

Travel ・ 13 September 2022

Gambling News

The Crown Sydney VIP Casino Finally Opens Doors

After considerable difficulties and a major corporate makeover on August 8 Crown Resorts is finally opening its VIP casino at its AUD 2.2 billion ($1.6 billion) integrated casino resort the Crown Sydney, which was opened and commenced operations back in December 2020. The company faced delays in opening the casino not least because of…

Gaming Authorities ・ 08 August 2022

Yogonet

Crown to open its Sydney casino in August for VIP-only visitors under conditonal license

After the NSW Independent Liquor and Gaming Authority (ILGA) approved Crown to operate its Sydney property last month, Crown Sydney has now announced it will open its doors in August to VIP visitors only. The operator, which will be closely monitored by the ILGA in its activities, described its new gaming facility as "intimate", featuring "two…

Gaming Authorities ・ 29 July 2022

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Gambling News

Crown Sydney Opens as Regulator Granted Provisional Casino License

The long-awaited launch of Crown Resorts' luxury casino at the Crown Sydney is finally about to happen. Australia's first and only VIP casino will officially open and commence operations on August 8, 2022. The Crown Sydney announced the opening date for its luxury casino venue at its skyscraper hotel in Barangaroo after it was finally granted a…

Gaming Authorities ・ 25 July 2022

9 News

Crown Sydney to open VIP gaming floors next month

Crown's new $2.2 billion Sydney casino will finally open its VIP gaming floors, after the operator was sidelined by regulators following devastating revelations of the company's connections to organised crime. Crown Sydney will open the doors to the $2.2 billion Barangaroo building - which Crown claims is Australia's only "VIP" gaming casino - on…

Land-based ・ 12 August 2022

ABC Australian Broadcasting Corporation

Crown's Sydney casino to deliver $100m in extra tax revenue for NSW government in first year, experts say

Crown's Sydney casino is expected to deliver an extra $100 million in tax revenue to the NSW government in its first year, just a quarter of what its Melbourne venue delivers to Victoria's coffers. Crown was granted a licence to run its Sydney casino earlier this week Experts say the casino will make a quarter of what Crown Melbourne makes Crown…

Finance ・ 26 June 2022

Review Journal

Blackstone, a major Las Vegas casino landlord, acquires Australia’s Crown Resorts

The landlord of several megaresorts on the Strip has completed its buyout of billionaire James Packer's Crown Resorts Ltd., an Australian casino operator with its own history in Las Vegas. Blackstone announced Friday that it closed its acquisition of Crown, saying this marked its largest transaction to date in the Asia-Pacific region.…

Travel ・ 24 June 2022

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ABC Australian Broadcasting Corporation

NSW gaming regulator finds Blackstone 'suitable' to hold licence for Sydney casino

Corporate equity giant Blackstone is a step closer to its takeover of Crown Resorts after gaming regulators in NSW and Victoria ruled it was "suitable" to hold a casino licence. Blackstone is pursuing an $8.9 billion takeover of Crown Resorts The equity giant has been subjected to an extensive probity assessment Crown has been prevented from…

Travel ・ 09 June 2022

Travel Daily News

Should you consider traveling to Australia for casino experience

Here we will talk about Aussie casino entertainment and whether it is worth traveling here just for a gambling experience. Australia is truly an exotic place and tourists from all across the globe flock there during summer. They go there to enjoy the beautiful coastal area, hike through scenic landscapes, and look at marsupials like kangaroos and…

Baccarat ・ 22 March 2022

Golden Casino News

Crown Resorts approved to resume casino operation in Sydney

Crown Resorts may be on the verge of opening its real-money casino component of its $2.2 billion Crown Sydney Hotel Resort "in the next weeks," local media sites claim. The property swung open its doors for the first time towards the end of 2020, but casino operations were suspended following an Independent Liquor & Gaming Authority investigation…

Travel ・ 02 March 2022

Programming Insider

Where Is The Best Online Casino In Australia?

Australia has a vibrant history of gambling, having been the first country to establish a legal casino in Tasmania state in 1973. According to the Australian Institute for Gambling Research, Aussies spend approximately $19 billion annually on casinos, with the industry being valued at $225 billion in 2019. Online casinos in Australia started with…

Gambling Sites ・ 11 January 2022

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Vegas Slots Online

New Year Launch in the Cards for Crown’s Sydney Casino

Troubled Australian operator Crown Resorts and its regulatory overseer are working together to launch Crown Sydney's casino in early 2022. [Image: Shutterstock.com] Steven McCann, the new CEO of Australia's Crown Resorts, has said the troubled gaming giant aims to open its Sydney casino in early 2022. At an investor briefing on Monday, McCann said…

New Year ・ 13 December 2021

Forbes

Billionaire James Packer’s Crown Keeps Melbourne Casino License As Regulator Oversees Reforms

Australian regulators are allowing Crown Resorts -controlled by billionaire James Packer -to keep its license to operate its flagship Melbourne casino under the supervision of a government-appointed special manager who will ensure reforms are undertaken to address money laundering risks at the casino. While an independent inquiry by Victoria's…

Travel ・ 26 October 2021

Vegas Slots Online

Aussie Casino Giant The Star's Shares Fall on Illegalities Claim

The cycle of negative news for Australian gambling firms shows no sign of letting up after casino giant The Star Entertainment's shares fell on the back of a money laundering claim. Leading Australian online stockbroking firm CommSec took to Twitter on October 11 to share the news that The Star's shares had slumped by 22.9% on Monday: The sharp…

Gaming Authorities ・ 11 October 2021

Vegas Slots Online

NSW ILGA to Review The Star Sydney Casino Operations

The NSW ILGA has announced a review into the operations of The Star Sydney casino resort. [Image: Shutterstock.com] The New South Wales (NSW) Independent Liquor and Gaming Authority (ILGA) has announced a review into the operations of The Star Sydney casino resort. Specifically, the investigation will look at the Star Entertainment-owned casino's…

Gaming Authorities ・ 14 September 2021

Asgam

Crown Resorts falls to US$191 million loss in FY21 on Melbourne, Sydney casino closures

Troubled Australian casino giant Crown Resorts has reported a loss of AU$261.6 million (U$191.2 million) in the 12 months to 30 June 2021, heavily impacted by COVID-induced property closures and the fallout from regulatory inquiries across three states. Crown saw its revenue plummet 31.3% year-on-year to AU$1.54 billion (U$1.13 billion) in FY21,…

Travel ・ 30 August 2021

Eminetra

Austrac Accuses A Range of Aussie Casinos for Money Laundering

Australian land based casino operators are feeling the heat after the Australian Transaction Reports and Analysis Centre (Austrac) raised serious concerns over potential money laundering taking place at multiple land based casinos throughout the country. Austrac is the financial watchdog in Australia and one of the responsibilities of this…

Incidents ・ 23 June 2021

Market Watch

Australian Casinos Probed For Possible Anti-Money Laundering Law Breaches

SYDNEY--Australia's two largest casino operators are facing fresh scrutiny from regulators after the government's financial intelligence agency uncovered potential breaches of anti-money laundering law. Crown Resorts Ltd., which is already facing multiple investigations from Australian authorities amid disquiet over its business practices in Sydney…

Incidents ・ 07 June 2021

Market Watch

Crown's Perth Casino Potentially Breached Money-Laundering Law

SYDNEY--Australian casino operator Crown Resorts Ltd. said another of its casinos is being investigated by Australian authorities over potentially serious breaches of anti-money laundering laws. The ASX-listed gaming company, which is already facing multiple investigations from Australian authorities into its business practices, said the federal…

Travel ・ 07 June 2021

BBC

Sydney casinos to ban cash after money laundering scandal

Sydney's only two casinos will make their gaming operations cashless in a bid to stamp out money laundering. Regulators said The Star and Crown Sydney, which is yet to be opened, agreed to the unusual move on Thursday. It comes after an inquiry earlier this year found it was likely criminal activity had occurred at Crown Resorts' casinos in other…

Incidents ・ 15 July 2021

The Wall Street Journal

Blackstone’s Crown Deal Has Dice Loaded in Its Favor

Financial markets are often compared to casinos and financiers to gamblers. Sometimes that turns out to be true quite literally: Blackstone is placing a timely bet in Crown Resorts. That bid looks likely to turn out well. The private equity giant has offered the equivalent of $6.2 billion to buy the troubled Australian casino operator Crown…

Travel ・ 08 May 2021

Real Money

Crown Shares Soar on Blackstone Bid for Aussie Casino Operator

Crown Resorts (CWLDY) shares won big on the ASX today, with the stock soaring 21.4% in Sydney trade. That's after the troubled casino operator on Monday said it had received an A$8.0 billion (US$5.4 billion) buyout bid from the world's largest private-equity investor, the Blackstone Group (BX). The offer from Blackstone, which already owns 9.99% of…

Travel ・ 07 May 2021

Real Money

Australia's Largest Casino Company Loses Big With License Findings

Australia's largest gambling company, Crown Resorts, is facing a crisis of its own making after a damning report that finds it unfit to open its newest casino. Crown has already opened the doors to the nice-and-shiny, 75-floor Crown Sydney skyscraper, which is now Sydney's tallest building. The hotel and restaurants are open for customers. But the…

Travel ・ 07 May 2021

The Wall Street Journal

Major Sydney Casino Opening Overshadowed by Investigations

SYDNEY-The petal-shaped skyscraper shimmering on the edge of the harbor not far from the Sydney Opera House is the centerpiece of the city's most ambitious attempt at urban regeneration since the Olympics in 2000. Just weeks from its December opening, however, the Australian company behind the $1.6 billion casino-resort development is embroiled in…

Travel ・ 07 May 2021