Crown Resorts Limited, Australia’s troubled casino operator, has purportedly declared that the gambling aspect of its new Crown Sydney venture will open ‘early in the new year.’
According to Reuters, the Sydney-listed company used an official filing to announce that it has made “excellent progress” in adopting a number of improvements proposed last year following the conclusion of an investigation conducted by retired New South Wales Supreme Court Judge Patricia Bergin.
Crown Resorts Limited already operates casinos at its Crown Perth and Crown Melbourne properties and had hoped to open its 75-story Crown Sydney by the end of last year, equipped with a wide range of classic gaming tables. This timeframe, however, was scuttled after an official investigation discovered that the corporation may have been involved in a series of money laundering claims related to its previous usage of international junket companies.
Despite the setback, Crown Resorts Limited is said to have opened the majority of the non-gaming parts of the $1.5 billion Crown Sydney, including the hotel’s 349 rooms and 21,500 square foot spa. At the time, the company said it was still hoping to get a casino license.
Communication that is constructive:
Crown Resorts Limited, based in Melbourne, reportedly stated in its petition (pdf) that the entire process has been the subject of “ongoing conversations” with the New South Wales Independent Liquor and Gaming Authority.
Read Crown Resorts Limited’s filing…
“We continue to work constructively with the independent monitor to execute the reforms specified in our remediation plan, including those described in the Bergin Report.”
Despite the fact that the New South Wales fiasco prompted officials in Victoria and Western Australia to launch similar investigations, Crown Resorts Limited’s new Chief Executive Officer, Steve McCann, reportedly declared that his company had now ‘turned the corner’ and had been significantly re-risked.’ Private equity in the United States