Australian casino operator Crown Resorts Ltd (CWN.AX) should be stripped of the gambling licence for its main Melbourne resort due to insufficient and uncertain efforts to reform its culture and stamp out money laundering, an inquiry heard on Tuesday.
The logo of Australia's casino operator Crown Resorts adorns a fence surrounding the Crown Perth hotel and casino complex in Western Australia, October 20, 2016. REUTERS/Aaron Bunchshould be stripped of the gambling licence for its main Melbourne resort due to insufficient and uncertain efforts to reform its culture and stamp out money laundering, an inquiry heard on Tuesday.
The recommendations after months of hearings must still be considered by the federal court judge overseeing proceedings. If they are accepted, the company 37% owned by billionaire James Packer would see gambling stopped at the Melbourne city casino which generates three-quarters of its profit. A previous inquiry into a just-built A$2.2 billion Sydney resort found Crown unsuitable for a gambling licence in that city in February, and "after the evidence listed in these hearings, it remains clear that Crown Melbourne is not fit to hold a licence now", he added.
Under new chair Helen Coonan, Crown had proposed an "impressive reform programme on the most favourable estimates the reform programme will not be completed before the end of 2022", Finanzio said at the hearing.
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