Since Bergin issued her damning NSW verdict in February, Crown has undergone a series of steps to try and improve its corporate governance. Numerous board seats and C-level offices have changed hands. Crown also suspended working with junket groups that have long brought VIP high rollers to its casinos in Melbourne and Perth.<\/p>\n
\nCrown’s measures to address its deficiencies highlighted by the NSW inquiry include forming a compliance and financial crime department that reports to the board, and ceasing dealings with all junket operators, the main factor initiating the investigations,” Fitch detailed in its ratings report.<\/p>\n<\/blockquote>\n
The Royal Commission in Victoria is expected to hand down its suitability verdict by the end of the year. The Western Australia probe is projected to conclude in the first half of 2022.<\/p>\n
Fitch says Crown Resorts will presumably remain on RWN until the conclusion of the probes, and the casino company successfully implements measures recommended by the two inquiries.<\/p>\n","protected":false},"excerpt":{"rendered":"
Crown Resorts remains the subject of two royal inquiries in Australia regarding its suitability to conduct casino operations. Fitch Ratings, one of the “Big Three” credit rating agencies, said in a note today that the continued probes necessitate maintaining a negative grade for the Aussie casino giant. Fitch is keeping Crown Resorts at “BBB.”\u00a0 That […]<\/p>\n","protected":false},"author":25,"featured_media":186578,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[69069,60],"tags":[],"acf":[],"yoast_head":"\n
Fitch: Crown Resorts Regulatory Risks Warrant Negative Rating<\/title>\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