{"id":4661,"date":"2020-11-24T14:26:38","date_gmt":"2020-11-24T14:26:38","guid":{"rendered":"https:\/\/www.top10casinowebsites.net\/news\/?p=4661"},"modified":"2020-11-24T14:26:43","modified_gmt":"2020-11-24T14:26:43","slug":"troubled-australia-casino-operator-crown-resorts-see-shares-plunge","status":"publish","type":"post","link":"https:\/\/www.top10casinowebsites.net\/news\/troubled-australia-casino-operator-crown-resorts-see-shares-plunge\/","title":{"rendered":"Troubled Australia Casino Operator Crown Resorts See Shares Plunge"},"content":{"rendered":"\n<div class=\"wp-block-image\"><figure class=\"alignleft size-large is-resized\"><img decoding=\"async\" src=\"https:\/\/www.top10casinowebsites.net\/news\/wp-content\/uploads\/2019\/04\/crown-resorts.jpg\" alt=\"Crown Resorts\" class=\"wp-image-4191\" width=\"300\" title=\"Troubled Australia Casino Operator Crown Resorts See Shares Plunge\"\/><\/figure><\/div>\n\n\n\n<p>Most casino operators across the world are struggling due to COVID-19 and the significant financial losses suffered during the lockdown. <a href=\"https:\/\/www.top10casinowebsites.net\/australia\">Australian casino operator <\/a><strong>Crown Resorts<\/strong> is facing all of these challenges plus even bigger issues with regards to multiple violations of gaming regulations.<\/p>\n\n\n\n<p>The embattled operator has faced a long and drawn out inquiry by the <strong>Liquor &amp; Gaming NSW regulator<\/strong>. Crown Resorts made a number of admissions including admitting to money laundering and ties with individuals who had connections to the crime syndicate in Asia.&nbsp;<\/p>\n\n\n\n<p>Those admissions caused Crown Resorts shares to drop and has also cost Crown Resorts the license to open its A$2.2 billion Crown Barangaroo casino in Sydney. Crown Resorts share price was just over $12 per share mid-Jan 2020 but the price has now dropped to $9.30.&nbsp;<\/p>\n\n\n\n<p><strong>ABC News (Australia)<\/strong><\/p>\n\n\n\n<div style=\"position:relative;height:0;padding-bottom:56.25%\">\n<iframe loading=\"lazy\" src=\"https:\/\/www.youtube.com\/embed\/ET2JM4Gf0eg?rel=0&amp;showinfo=0?ecver=2\" width=\"640\" height=\"360\" frameborder=\"0\" style=\"position:absolute;width:100%;height:100%;left:0\" allowfullscreen=\"\"><\/iframe>\n<\/div>&nbsp;\n\n\n\n<p>Crown Barangaroo which was set to open in June 2020 postponed its opening date to November 2020. However, the gaming regulator in light of the admissions decided to <a href=\"https:\/\/www.top10casinowebsites.net\/news\/ilga-prevents-crown-resorts-from-opening-2-2bn-casino-in-sydney\/\">prevent Crown from opening its Barangaroo casino<\/a>. The gaming regulator in Victoria is also taking a closer look at its flagship casino Crown Melbourne as a number of violations have also happened at this property.<\/p>\n\n\n\n<p>There is a big push for gaming regulators to strip Crown Resorts of its casino license in Australia. Its former chairman James Packer has also faced a lot of criticism as he had personally brought on board junket operators who had ties to organized crime. Packer is the largest shareholder in Crown Resorts and has&nbsp; 36 percent stake in the company.&nbsp;<\/p>\n\n\n\n<p>There is a push for Packer to relinquish ties with Crown Resorts fully in an effort to show gaming regulators that Crown Resorts is going to completely overhaul operations.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Blackstone Group Interested In Acquiring Crown Resorts<\/strong><\/h2>\n\n\n\n<p><a href=\"https:\/\/www.blackstone.com\">Blackstone Group<\/a> is reputed to be the biggest investment firm in the world. Blackstone purchased a 10 percent stake in Crown Resorts in early 2020. This happened when <a href=\"https:\/\/www.top10casinowebsites.net\/news\/james-packer-willing-to-offload-crown-resort-shares-to-keep-casino-license\/\">James Packer tried to sell 20 percent of his stake<\/a> to Melco Resorts and Entertainment and failed. Blackstone seized the opportunity then and is now looking to take over Crown Resorts.<\/p>\n\n\n\n<p>Given the fact that Crown Resorts will most likely have to change its entire top level management to appease regulators that the change comes from the top down, it opens the door for Blackstone to takeover and save Crown Resorts.&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Most casino operators across the world are struggling due to COVID-19 and the significant financial losses suffered during the lockdown. Australian casino operator Crown Resorts is facing all of these challenges plus even bigger issues with regards to multiple violations of gaming regulations. The embattled operator has faced a long and drawn out inquiry by [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10,13,11],"tags":[],"class_list":["post-4661","post","type-post","status-publish","format-standard","hentry","category-australia","category-industry","category-legislation"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Troubled Australia Casino Operator Crown Resorts See Shares Plunge<\/title>\n<meta name=\"description\" content=\"Australian casino operator Crown Resorts is facing not only COVID challenges but also even bigger issues with regards to multiple violations of gaming regulations.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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