Crown Should Get Barangaroo Casino License Back Before End Of 2021
Australia’s biggest casino operator Crown Resorts has faced so much negative publicity during the last few years but things could finally be looking up for Crown Resorts in 2021.
Crown Resorts had its casino license in New South Wales (NSW) suspended which prevented the operator from opening its A$2.2 billion Barangaroo Casino Resort.
The Independent Liquor and Gaming Authority which is the gaming regulator in NSW carried out a detailed investigation into Crown Resorts and suspended its license after it came to light that there were multiple serious breaches in compliance.
Some of those shortcomings included money laundering and having ties to criminals in the Asian syndicate.
The investigation suggested that Crown Resorts was not fit to hold a casino license.
Given Crown Resorts many other failings in Australia and around the world, it looked like Crown Resorts was going to have its license revoked for good.
However, NSW gaming regulator chairman Philip Crawford said that it is now a very realistic possibility that Crown Resorts gets its license back. The gaming regulator is expected to make this decision in the second half of 2021. This will allow Crown Resorts to open its Barangaroo Casino and finally start taking bets from the public.
Crawford said that Crown Resorts will have to make significant changes to its policies and procedures to prove to the gaming regulator that it has addressed all of the recommendations outlined in the report and is capable of running a gaming operation that is fully compliant with state gaming regulations.
Crown Resorts has already made progress in this direction after it committed to a complete overhaul of its operations. Five directors along with CEO Ken Barton have since resigned and moved on.
Blackstone Group Might Make Second Bid
Crown Resorts is also under investigation in Victoria as the gaming regulator is looking into compliance breaches of its flagship Crown Melbourne casino. Victoria launched its investigation following the revelations of the NSW investigation. Given that NSW is going to give Crown its license back, it is highly unlikely that Victoria will strip Crown Melbourne of its casino license.
This is good news for Crown Resorts on multiple fronts. Blackstone Group had earlier put in an A$8.02 billion bid to acquire Crown Resorts. Now that Crown Resorts is expected to get its NSW license back, expect Crown Resorts to push for a higher price!