{"id":11100,"date":"2020-10-21T23:25:54","date_gmt":"2020-10-21T23:25:54","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=11100"},"modified":"2026-04-24T00:46:51","modified_gmt":"2026-04-24T03:46:51","slug":"crown-terminates-contracts-with-packers-firm","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/crown-terminates-contracts-with-packers-firm","title":{"rendered":"Crown terminates contracts with Packer’s firm"},"content":{"rendered":"\n

The operator has cancelled contracts with Consolidated Press Holdings (CPH).<\/p>\n\n\n\n\n\n\n\n

Australia.- Crown Resorts has announced it has terminated two contracts with a firm owned by its former director and current main shareholder, James Packer.  <\/p>\n\n\n\n

The contracts were between the casino operator and Consolidated Press Holdings (CPH). <\/p>\n\n\n\n

One contract was a services agreement dated July 2016 that enabled Crown to request the provision of services by key CPH executives at pre-agreed hourly rates.  <\/p>\n\n\n\n

The other was a Controlling Shareholder Protocol dated October 31, 2018. This agreement allowed Crown to share confidential information with CPH executives and with James Packer. <\/p>\n\n\n\n

Packer was recently grilled at the ongoing hearing conducted by New South Wales Independent Liquor and Gaming Authority (ILGA<\/em><\/strong>) into Crown’s operations in China and potential facilitation of money laundering.\u00a0\u00a0<\/p>\n\n\n\n

The termination of the contracts came a day after the Australian financial regulator, AUSTRAC, confirmed a formal investigation<\/a><\/em><\/strong> had been initiated into Crown\u2019s casino in Melbourne.  <\/p>\n\n\n\n

The operator released a statement on Wednesday saying: \u201cCrown Melbourne will respond to all information requests in support of the investigation and fully co-operate with AUSTRAC in relation to this process.\u201d <\/p>\n\n\n\n

Packer admitted at the ILGA hearing that the board at Crown needed to be more independent. He said he would agree to sell part of his shares as long as the firm was able to keep the casino licence for the property it plans to inaugurate in Sydney in December.  <\/p>\n\n\n\n

This week Crown Resorts will hold its general meeting and some analysts expect shareholders may demand resignations<\/a><\/strong><\/em>.  <\/p>\n","protected":false},"excerpt":{"rendered":"

The operator has cancelled contracts with Consolidated Press Holdings (CPH).<\/p>\n","protected":false},"author":2,"featured_media":11102,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"Crown Resorts has terminated two key contracts with Consolidated Press Holdings (CPH), owned by major shareholder James Packer, amidst heightened regulatory scrutiny. This action follows Packer's testimony at the ILGA hearing regarding Crown's operations and AUSTRAC's formal investigation into Crown Melbourne for potential anti-money laundering breaches, signaling a move towards enhanced corporate governance and board independence.","focusai_entities":"Crown Resorts, Consolidated Press Holdings, CPH, James Packer, New South Wales Independent Liquor and Gaming Authority, ILGA, AUSTRAC","focusai_location":"Australia, Melbourne, Sydney, China","focusai_target_profile":"ceo_executive (1.0), regulator (1.0), compliance_legal (1.0), operator_casino (1.0), payments_fraud_aml (1.0), investor_analyst (1.0), supplier_vendor (0.8), journalist_researcher (1.0)","focusai_suggestions":[{"label":"Governance Impact Analysis","query":"What specific changes to Crown's governance framework and board composition are anticipated following the termination of CPH contracts and the ongoing ILGA and AUSTRAC investigations?"},{"label":"Licensing Risk Assessment","query":"How do the AUSTRAC investigation into AML compliance and the ILGA hearing's findings specifically impact the operational licensing status for Crown's Melbourne and upcoming Sydney properties?"}],"footnotes":""},"categories":[16336,161,439,158],"tags":[14657,23728,23773],"class_list":["post-11100","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-australasia-news","category-daily-news","category-legal-news","category-slider-home","tag-crown-resorts","tag-ilga","tag-james-packer"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/11100","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=11100"}],"version-history":[{"count":3,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/11100\/revisions"}],"predecessor-version":[{"id":777009193,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/11100\/revisions\/777009193"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/11102"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=11100"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=11100"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=11100"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}