{"id":42077,"date":"2016-11-18T17:00:41","date_gmt":"2016-11-19T01:00:41","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=42077"},"modified":"2016-11-18T14:06:42","modified_gmt":"2016-11-18T22:06:42","slug":"crown-resorts-board-blasted-china-detentions-confidential-report","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/crown-resorts-board-blasted-china-detentions-confidential-report\/","title":{"rendered":"The Crown Resorts Board Blasted Over China Detentions in Confidential Report"},"content":{"rendered":"
\"
James Packer resigned as Chairman of the Crown board last year, although he remains a member. A confidential report obtained by News Corp Australia says that he and his fellow execs need \u201csubstantial improvement.\u201d (Image: Dinuka Lianawatte\/Reuters)<\/figcaption><\/figure>\n

<\/i>Crown Resorts\u2019 board of directors has been lambasted by a confidential report compiled for high-end stock market investors, according to News Corp Australia.<\/p>\n

The report paints an ugly picture of James Packer\u2019s<\/a> Australian casino giant and its executives\u2019 \u201clack of operational experience in gaming and in Asia,\u201d in the wake of the arrest of 18 of the company\u2019s staff in China.<\/p>\n

The report, compiled by Regnan, a company set up by the federal government, gives the Crown board and its corporate governance a rating of two out of five and warns investors that it needs \u201csubstantial improvement.\u201d<\/p>\n

\u201cRegnan maintains concerns over the absence of a lead independent director, lack of specific industry skills among independent directors and over commitment issues for some directors which could reduce director capacity to effectively discharge their duties.\u201d<\/p>\n

\u201cRegnan notes that both independent members of the Risk Management Committee do not have deep operational experience in Asia, potentially reducing effectiveness of oversight,\u201d it continued.<\/p>\n

China Arrests <\/b><\/h2>\n

The 18 were detained by Chinese authorities on suspicion of illegally marketing gambling to high rollers on the mainland for its properties in Macau<\/a>. Among them are four Australians, including vice president of its VIP division Jason O\u2019Connor.<\/p>\n

In the midst of a large-scale anti-corruption crackdown, Beijing takes such allegations seriously. China\u2019s deputy director of the Ministry of Public Affairs recently told the press that overseas casinos soliciting Chinese customers poses \u201cthe highest danger to our nation and the Chinese people.<\/p>\n

\n

\u201cThese chain reactions have caused severe influence on the economic safety and social stability to our country,\u201d he said.<\/strong><\/p>\n<\/blockquote>\n

While one of the detainees, a low-level administrator, has been released, <\/span>Shanghai criminal lawyers told Australia\u2019s Daily Telegraph this week that the others could face a further six months without any contact from their families before they stand trial.<\/p>\n

Risk Management Failure<\/b><\/h2>\n

The report believes that a failure of risk management on behalf of Crown could be to blame for the detentions.<\/p>\n

\u201cThe arrests raise the question about the extent to which (Crown\u2019s) China-based staff, who were incentivized through a commission-based system, operated illegally to lure lucrative high-rollers,\u201d the report said. \u201cRegnan notes that both independent members of the Risk Management Committee do not have deep operational experience in Asia, potentially reducing effectiveness of oversight,\u201d<\/p>\n

\u201cFollowing the arrests, a database of Crown\u2019s customers was submitted to the police. A reduction in the number of VIP high-rollers from mainland China could impact Crown\u2019s earnings.\u201d<\/p>\n

Crown\u2019s stock has yet to recover from the beating it took in the aftermath of the arrests.<\/p>\n","protected":false},"excerpt":{"rendered":"

Crown Resorts\u2019 board of directors has been lambasted by a confidential report compiled for high-end stock market investors, according to News Corp Australia. The report paints an ugly picture of James Packer\u2019s Australian casino giant and its executives\u2019 \u201clack of operational experience in gaming and in Asia,\u201d in the wake of the arrest of 18 […]<\/p>\n","protected":false},"author":42,"featured_media":42090,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[62,60],"tags":[],"acf":[],"yoast_head":"\nThe Crown Resorts Board Blasted Over China Detentions in Confidential Report<\/title>\n<meta name=\"description\" content=\"The Crown Resorts employee arrests in China was a failure of the board of directors, suggests a damning report from the Australian Government.\" \/>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The Crown Resorts Board Blasted Over China Detentions in Confidential Report\" \/>\n<meta property=\"og:description\" content=\"The Crown Resorts employee arrests in China was a failure of the board of directors, suggests a damning report from the Australian Government.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/crown-resorts-board-blasted-china-detentions-confidential-report\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2016-11-19T01:00:41+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2016-11-18T22:06:42+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2016\/11\/australian-gambling-tycoon-james-packer.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1191\" \/>\n\t<meta property=\"og:image:height\" content=\"910\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Casino.org Staff Writer\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Casino.org Staff Writer\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/crown-resorts-board-blasted-china-detentions-confidential-report\/\",\"url\":\"https:\/\/www.casino.org\/news\/crown-resorts-board-blasted-china-detentions-confidential-report\/\",\"name\":\"The Crown Resorts Board Blasted Over China Detentions in Confidential Report\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/crown-resorts-board-blasted-china-detentions-confidential-report\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/crown-resorts-board-blasted-china-detentions-confidential-report\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2016\/11\/australian-gambling-tycoon-james-packer.jpg\",\"datePublished\":\"2016-11-19T01:00:41+00:00\",\"dateModified\":\"2016-11-18T22:06:42+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/8c48bf89dc86da77b4d856c7b3b78d77\"},\"description\":\"The Crown Resorts employee arrests in China was a failure of the board of directors, suggests a damning report from the Australian Government.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/crown-resorts-board-blasted-china-detentions-confidential-report\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/crown-resorts-board-blasted-china-detentions-confidential-report\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/crown-resorts-board-blasted-china-detentions-confidential-report\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2016\/11\/australian-gambling-tycoon-james-packer.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2016\/11\/australian-gambling-tycoon-james-packer.jpg\",\"width\":1191,\"height\":910,\"caption\":\"James Packer resigned as Chairman of the Crown board last year, although remains a member. 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