Crown Resorts and financial crimes regulator AUSTRAC agreed to an accelerated payment schedule if the casino operator’s financial health improves.
A Federal Court judge’s questions about a casino giant’s $450 million settlement is a salient reminder of the risk regulators run in becoming captive to those they are policing.
Paying fines in instalments has become an increasingly familiar theme in the casino sphere,as Star and Crown suggest their stretched finances can’t deal with the regulatory onslaught without help.
Crown’s partnership with the pop mega-star is with its hotel arm,but Tim Costello is concerned that it could encourage more gambling.
The Victorian regulator has put gambling operators on notice,saying the link between gambling and harm is as obvious as the one between smoking and cancer.
The issue was uncovered in the 2021 Royal Commission into Crown Melbourne among voluminous documents that Crown disclosed for other purposes.
Regulatory uncertainty was the biggest gamble Blackstone took when it acquired Crown Resorts for $8.9 billion cash last year.
Crown Resorts is bracing to pay one of the biggest financial penalties in Australian corporate history over the group’s anti-money laundering and counter-terrorism failings at Crown Perth and Crown Melbourne.
A lynch mob for PwC is growing. Will the appointment of veteran troubleshooter Ziggy Switkowski be enough to silence critics?
Victoria’s gambling watchdog said the casino effectively provided gamblers with a line of credit they should not have been able to access,raking in up to $75 million in extra profits.
Crown casino will have to give punters a break every three hours and restrict gambling to a maximum of 36 hours a week in new reforms announced on Monday. But gaming experts say the new measures don’t go far enough.