Why is Crown Casino in trouble?

What is the issue with Crown Casino?

All of this, and more, comes after the NSW casino inquiry headed by Patricia Bergin revealed extensive money laundering and criminal infiltration of Crown’s existing operations. This evidence was sufficient for the NSW regulator to find Crown not suitable to operate its new Barangaroo casino.

Why did Crown lose its Licence?

Goldman Sachs analysts have named Crown as their least favoured casino stock due to the uncertainty around its Sydney licence, the ongoing regulatory inquiries from the Victorian regulator and AUSTRAC and the elevated compliance costs of remediation.

Why is Crown Casino under investigation?

AUSTRAC revealed in October last year it was formally investigating Crown over “non-compliance” with anti-money laundering laws at its flagship Melbourne casino relating to the due diligence it conducted on high-roller patrons.

How did Crown Casino launder money?

Last year’s Bergin inquiry in NSW found Crown was unfit to run its new Sydney casino, with a key reason being that it facilitated money laundering through two patron deposit bank accounts held through shell companies called Southbank Investments and Riverbank Investments.

Can Crown staff gamble?

Crown employees are not permitted to gamble at the Casino at any time. Crown also has policies in place which restrict certain staff from gaming at affiliated properties.

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Will Crown Melbourne lose its Licence?

Within moments of getting to his feet, Adrian Finanzio, SC, had declared Crown unsuitable to hold its Melbourne licence due to “grave, systemic breaches of the law” and “sustained breaches of trust and confidence”. …

What is the Crown Casino inquiry?

The inquiry found that “clearly” money had been laundered at Crown Melbourne. It also examined two Crown bank accounts used by patrons to deposit funds for gambling, with evidence Crown failed to act on information they were repeatedly used for money laundering.

What is money laundering?

Money laundering is the generic term used to describe the process by which criminals disguise the original ownership and control of the proceeds of criminal conduct by making such proceeds appear to have derived from a legitimate source. The processes by which criminally derived property may be laundered are extensive.