Crown suspends junkets until June 2021

The company will hire a specialist for the newly created role of Head of Compliance and Financial Crimes.
The company will hire a specialist for the newly created role of Head of Compliance and Financial Crimes.

The Australian operator has begun a review of its compliance processes in light of the ILGA’s public hearings.

Australia.- The casino operator Crown Resorts has confirmed it will suspend all junket-related activity until June 2021 while it reviews its processes.

The operator made the announcement n a filing to the Australian Securities Exchange (ASX).

The New South Wales Independent Liquor & Gaming Authority (ILGA) is currently determining if Crown is fit to retain its licence following evidence presented at a public hearing into an incident in 2016 when Crown executives were arrested in China for promoting gambling.

In the meantime, the company has said it will conduct a “comprehensive review of its processes” in the junkets segment.  

It has also decided to hire a specialist for the newly created role of Head of Compliance and Financial Crimes, who will report directly to the Board. 

In the latest filing, Crown said its VIP program has contributed approximately 7 per cent of Crown’s normalised EBITDA over the last five years. 

Meanwhile, the company plans to progressively open its resort in Sydney from around December 14. Once fully operational, Crown Sydney will have 30 table games across 12 private gaming rooms, and 129 table games and 66 electronic table game terminals in two gaming halls. 

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Crown Resorts ILGA Junkets