Crown Melbourne hit with AU$1m fine over junket operations
The Victorian Commission for Gambling and Liquor Regulation has fined Crown Melbourne AU$1m (US$777,305) for not complying with regulatory requirements concerning junket operations.
Australia.- Crown Melbourne has received a fine of AU$1m (US$777,305) from the Victorian Commission for Gambling and Liquor Regulation (VCGLR) for not properly analysing foreign high rollers and their junket operators.
According to local media, Ross Kennedy, chairman of the VCGLR, said the fine reflected the seriousness of the issue.
He said: “Robust processes must be implemented to ensure Crown’s Melbourne casino remains free from criminal influence and exploitation.”
Crown Melbourne has been prohibited from dealing with junket operations. The VCGLR also urged the casino operator to report regularly on the progress of its reform agenda.
Helen Coonan, Crown’s executive chairman, said: “Crown continues to engage with the VCGLR and the Victorian Government about its reform agenda.
“These reforms and changes to our business are aimed at delivering the highest standards of governance and compliance, as we restore public and regulatory confidence in our operations.”
Ray Finkelstein, the former judge leading the Royal Commission in Victoria, hopes to release his report on Crown Melbourne by August 1 to decide on Crown Resorts’ suitability to maintain its casino licence.
Oaktree and Blackstone seek to acquire Crown Resorts
Crown received an unsolicited non-binding AU$3bn (US$2.32bn) offer from Oaktree Capital Management to acquire the 37 per cent stake in the company owned by James Packer.
Blackstone Group Inc, which already has a 10 per cent holding in Crown, had previously sent an offer to buy all outstanding shares in Crown Resorts for AU$8bn (US$6.2bn).
The company added a condition clarifying that it won’t move ahead if either of Crown’s existing licences are suspended or if its New South Wales licence is not granted.
