The project has always been controversial. It’s located on the waterfront in Sydney\u2019s Barangaroo district. And at 890 feet, it is Sydney\u2019s highest building. Critics say its initial license was awarded too easily back in 2013, and there was a lack of public consultation about a project that would become so transformative to the Sydney landscape. Its construction has been delayed by legal challenges and planning regulations.<\/p>\n
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Now, the suitability inquiry has suggested there is a very real chance Crown could lose its license. It has been examining whether the company turned a blind eye to criminal elements among the junket operators that brought a steady stream of Chinese high rollers to its properties. It is also looking at whether the ruthless pursuit of profit led to Crown willfully ignoring the occurrence of money laundering in its VIP segment.<\/p>\n<\/div>\n
\u00a0Crown chair Helen Coonan admitted to the inquiry last month that her company had facilitated money laundering. But she blamed it on \u201cineptitude\u201d rather than criminal intent.<\/strong><\/p>\nInquiry chair Patricia Bergin is expected to deliver her recommendation on Crown\u2019s license to ILGA on February 1. The regulator will have the final say in the matter.<\/p>\n
Corporate Shakeup?<\/strong><\/h2>\nLicense revocation could mean Crown would have to sell the property. But it\u2019s more likely that the company will squeak through, albeit with conditions.<\/p>\n
These could include the removal of certain executives whose presence on the board is representative of previous bad corporate governance. There also could be a change in ownership structure.<\/p>\n
The inquiry has already hinted that billionaire former CEO and chairman James Packer, who shaped Crown\u2019s corporate identity and VIP strategies, may not be permitted to continue to be the company\u2019s biggest shareholder.<\/strong><\/p>\nPacker testified to the inquiry via video link from his private yacht. He intimated that he would be prepared to sell his shares to save Crown Sydney.<\/p>\n","protected":false},"excerpt":{"rendered":"
The US $1.6 billion Crown Sydney will open on Dec. 27, as planned, just without the casino. On Wednesday, the regulator for the state of New South Wales, ILGA, announced it had granted embattled operator Crown Resorts an interim liquor license for the property\u2019s hotel, bars, and certain restaurants. Gaming will have to wait until […]<\/p>\n","protected":false},"author":36,"featured_media":158797,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[69069,18],"tags":[],"acf":[],"yoast_head":"\n
$1.6 Billion Crown Sydney to Open December 28 Minus Casino<\/title>\n \n \n \n \n \n \n \n \n \n \n \n \n \n\t \n\t \n\t \n \n \n \n \n \n\t \n\t \n\t \n