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Tag Archives: Crown Resorts

Australia – VGCCC imposes record fines totaling $120m on Crown Melbourne for responsible gambling breaches

The Victorian Gambling and Casino Control Commission (VGCCC) has taken disciplinary action against Crown Melbourne for failing its Responsible Service of Gambling obligations, imposing two fines totalling $120m. The Royal Commission into the Casino Operator and Licence found that Crown breached its code of conduct for the Responsible Service of Gambling over many years by…

Australia – Crown Resorts appoints Mark McWhinnie as CEO of Crown Sydney

Australian operator Crown Resorts has appointed former Sands China and Marina Bay Sands executive Mark McWhinnie has the new CEO of Crown Sydney. Crown Resorts CEO Ciarán Carruthers said: “I’m delighted to have Mark on board to lead Crown Sydney,” said Carruthers. “He is a global gaming and hospitality executive boasting an impressive track record…

Australia – Blackstone completes takeover of Crown Resorts

Blackstone has announced that real estate funds and private equity funds managed by Blackstone have completed the acquisition of Crown Resorts Limited in the largest transaction to date for the firm in Asia Pacific. The transaction comprises three premium resort and casino properties in Melbourne, Perth and Sydney. Blackstone will work with the management team…

Australia – Victoria cracks down on AML breaches with new laws

The Victorian Commission for Gambling and Liquor Regulation (VCGLR) is toughening up with new laws to increase its powers in a move it says will ‘hold Crown to account.’ Investigations into Crown have proved that it allowed high rollers to transfer $160m out of China over a four year period by linking payments from Chinese credit cards to…

Australia – AUSTRAC starts proceedings in the Federal Court against Crown Melbourne and Crown Perth

AUSTRAC has started civil penalty proceedings in the Federal Court against Crown Melbourne and Crown Perth for alleged serious and systemic non-compliance with Australia’s anti-money laundering and counter-terrorism financing (AML/CTF) laws. This action follows proactive compliance work with the casino sector which led to a number of detailed enforcement investigations including into Crown Melbourne and…

Australia – Crown ‘turns a corner’ with first half casino revenues up 34 per cent

Australian casino operator Crown Resorts has ‘turned a corner’ with first half revenues of $778.6m, up 34 per cent on last year’s figures. The operator, who has recently agreed to a takeover deal by Blackstone, saw its EBITDA generate a loss of $47.5m, down from a profit of $4.4m. Crown Melbourne generated revenue of $265m…

Australia – Crown says yes to improved Blackstone offer

Australian casino giant Crown Resorts has said yes to an improved takeover offer from US private equity firm Blackstone, who upped its offer to A$8.9bn ($6.3bn)10 per cent higher than its previous offer. Crown Resorts confirms it has entered into a ‘scheme implementation deed’ with a company on behalf of funds managed and advised by Blackstone Inc. and…

Australia – Blackstone on track to take control of Crown Resorts

The board of Australia’s biggest casino operator, Crown Resorts, said today that it’s likely to back a buyout proposal from US private equity firm, Blackstone, after the offer was sweetened to A$8.87bn ($6.46bn). The buyout firm, which already owns 10 per cent of Crown, lifted its bid to A$13.10 per share, from a November offer…

Australia – Crown looking to open up gaming at Crown Sydney early in 2022

Australian operator Crown Resorts has set its sights on launching its VIP casino at Crown Sydney early on in 2022. During an investor presentation, Crown said it was ‘targeting a gaming floor opening early in the new year with a staged opening based on current staffing levels with further recruitment for gaming related roles to…