An Australian inquiry on Tuesday declared Crown Resorts unsuitable to hold a gambling licence in Melbourne but allowed it to run its biggest-earning casino under supervision, raising hope for its earnings and takeover prospects.
The logo of Australian casino giant Crown Resorts Ltd adorns the hotel and casino complex in Melbourne, Australia, June 13, 2017. REUTERS/Jason ReedCompany allowed to operate under supervision for 2 yearsSYDNEY, Oct 26 - An Australian inquiry on Tuesday declared Crown Resorts
The company 37%-owned by billionaire James Packer had acted in a way which was "illegal, dishonest, unethical and exploitative", the report said. Some actions were "so callous that it is hard to imagine it could be engaged in by such a well-known corporation". A spokesman for Packer was not immediately available for comment, while Crown said in a statement that it was reviewing the report and would "work cooperatively and constructively" with the government.
. The stock is still down 17% since early 2020 when movement restrictions to stop COVID-19 forced full or partial closures of its casinos and kept foreign tourists out of the country., which had binned a Crown buyout approach due to uncertainty about Crown's future, also rose. Star is now under investigation over similar matters, and did not immediately respond to a request for comment.
Nathan Bell, a portfolio manager at Investsmart, which owns Crown shares, said the company's pivotal role in the Victorian economy and "the fact Crown's key board members and CEO departed may have helped it get a second chance". "We are creating the most stringent oversight of any casino in the country. No longer will Crown's destiny be theirs to manage," Horne told reporters.
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