Crown Resorts granted NSW gaming licence for Sydney casino
The gaming operator Crown Resorts has been granted the go-ahead to officially establish the casino that it has been planning to open in the luxurious Barangaroo skyscraper that overlooks Sydney Harbour. Two years after the establishment first welcomed customers, the New South Wales gaming regulator has at last approved the casino operator’s application for a licence.
Crown was guilty of breaking a number of financial and gaming laws over the course of several years at its venues in Victoria and Western Australia. As a direct consequence of this, the company was forced to institute significant alterations in management, anti money-laundering (AML), and organisational policies.
Crown will be granted permission to open the casino by the Independent Liquor and Gaming Authority (ILGA) of NSW, but only under strict conditions. The Chairman of the ILGA, Philip Crawford, acknowledged that the operator has developed a new gaming business model as a consequence of excessive misconduct.
“Crown has rebuilt its gaming model from the ground up, which has meant deep structural change around governance, anti money-laundering measures and corporate culture,” Crawford said on Wednesday.
“After more than one year’s work with Crown, the authority is pleased to have reached a stage where Crown can open its casino operations on a conditional basis.”
Because of the time frame, the authorities will be able to supervise the modifications at Crown Sydney and confirm the operator is adhering to the laws. After that, the regulating body will think about whether or not to grant the casino full approval.
Crown Sydney will now be able to provide all of its services, which include hotel rooms, restaurants, bars, and pubs. The Chief Executive Officer and Managing Director of Crown, Steve McCann, anticipated that this day would come and stated publicly that the company was ready to become one of the world’s most influential operators of luxurious resorts and gaming facilities.
A week ago, the private equity firm Blackstone Group acquired Crown after receiving final approval for the deal. That came after NSW, WA and Victoria granted the company approval to operate licensed casinos.
Blackstone was able to finish its $8.9 billion (US $6.6b) acquisition after receiving those authorisations. As a result, the company anticipates that it will assume charge of the Crown on Friday.
The government of Western Australia is planning to pass new legislation that will establish an independent chair for the agency that regulates casinos in the state.
The Casino Legislation Amendment (Burswood Casino) Bill 2022 includes a provision that calls for the appointment of a new independent monitor to oversee casino corrections over the course of the next two years.
WA Finance Minister Tony Buti stated in a report released on Wednesday that the gaming industry will be responsible for bearing the cost of that role through the implementation of the new regulations. However, he did not elaborate on how this would be accomplished.
In addition to this, it might result in an increase in the fines that are imposed for infringements. If operators are found to be in violation of the laws, they could be fined up to $100,000 per breach. It is possible that the total will rise to $100 million.
