{"id":20177,"date":"2021-07-13T13:47:43","date_gmt":"2021-07-13T13:47:43","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=20177"},"modified":"2026-04-23T17:41:31","modified_gmt":"2026-04-23T20:41:31","slug":"crown-resorts-may-retain-licences-with-conditions-analysts-say","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/crown-resorts-may-retain-licences-with-conditions-analysts-say","title":{"rendered":"Crown Resorts may retain licences with conditions, analysts say"},"content":{"rendered":"\n

J.P. Morgan believes Crown Resorts could retain its gaming licences in Sydney and Western Australia but with conditions.<\/p>\n\n\n\n\n\n\n\n

Australia.- While the Victorian and Western Australian Royal Commissions have yet to deliver their verdicts on\u00a0Crown Resorts<\/strong> J.P. Morgan believes the casino operator will keep its licences in Western Australia and New South Wales, but possibly with new conditions.<\/p>\n\n\n\n

Royal Commissions held in other industries such as banking and\u00a0financial services which inquired into money laundering<\/strong>, terrorism financing, and statutory reporting responsibilities, made large numbers of recommendations<\/strong>, including on the restructuring of some fees.\u00a0<\/p>\n\n\n\n

A\u00a0Royal Commission <\/strong>into trade union governance and slush funds in 2014\/2015<\/strong> resulted in a recommendation for the creation ofa new national regulator.\u00a0<\/p>\n\n\n\n

Finkelstein, the judge leading the state of Victoria\u2019s inquiry, was originally due to\u00a0<\/strong>release his report by August 1<\/a> but has extended the inquiry to October 15.<\/p>\n\n\n\n

Western Australian\u2019s Royal Commission is expected to deliver\u00a0a final report by November 14<\/strong>. It will analyse Crown Resorts\u2019 suitability\u00a0<\/strong>to continue holding a casino gaming licence for Crown Perth.<\/p>\n\n\n\n

Crown warned of \u201csevere consequences\u201d if it loses licences<\/strong><\/h2>\n\n\n\n

Crown Resorts\u2019 lawyer Leon Zwier<\/a>\u00a0wrote a letter to the\u00a0Victorian gaming minister Melissa Horne<\/strong>\u00a0warning that 12,000 jobs would be at risk if Crown were unable to retain its gaming licence.<\/p>\n\n\n\n

The letter, which was made public on the last day of public hearings held by Victoria\u2019s Royal Commission, also noted that the casino operator wouldn\u2019t comply with its lending covenants<\/strong> which total $700m if it loses the licence.<\/p>\n\n\n\n

Zwier wrote: \u201cThis will impact Crown\u2019s shareholders, employees, unions, trade creditors, patrons, the hotel precinct, and the Melbourne tourism industry<\/strong>.\u201d<\/p>\n\n\n\n

Former Federal Court judge Raymond Finkelstein<\/strong>, who\u2019s leading the Victoria\u2019s Royal Commission<\/a>, said the letter made it seem Crown Resorts wanted to \u201cmake sure that the commission doesn\u2019t make a particular finding.\u201d<\/p>\n\n\n\n

Helen Coonan<\/strong>, Crown Resorts\u2019 executive chairman, denied that the operator had attempted to lean on the state government.<\/p>\n","protected":false},"excerpt":{"rendered":"

J.P. Morgan believes Crown Resorts could retain its gaming licences in Sydney and Western Australia but with conditions.<\/p>\n","protected":false},"author":176,"featured_media":18387,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"J.P. Morgan anticipates Crown Resorts will retain its gaming licenses in New South Wales and Western Australia, albeit with new conditions, despite ongoing Royal Commissions. Crown has warned of significant job losses and breaches of $700m in lending covenants should it lose its operating licenses, underscoring the severe financial and employment ramifications for the Australian market.","focusai_entities":"J.P. Morgan, Crown Resorts, Leon Zwier, Melissa Horne, Raymond Finkelstein, Helen Coonan","focusai_location":"Australia, Western Australia, New South Wales, Victoria, Melbourne, Sydney","focusai_target_profile":"ceo_executive (0.95), regulator (0.98), compliance_legal (0.95), operator_casino (0.9), payments_fraud_aml (0.75), investor_analyst (0.97), supplier_vendor (0.7), journalist_researcher (0.92)","focusai_suggestions":[{"label":"Impact on Crown's Valuation?","query":"What are the specific valuation implications for Crown Resorts' equity and debt instruments, considering J.P. Morgan's forecast of conditional license retention and the potential for lending covenant breaches?"},{"label":"Regulatory Precedent for Operators?","query":"How might the final recommendations from the Victorian and Western Australian Royal Commissions establish new regulatory compliance benchmarks or governance frameworks for other licensed casino operators in Australia?"}],"footnotes":""},"categories":[16336,156],"tags":[14657],"class_list":["post-20177","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-australasia-news","category-regulation-news","tag-crown-resorts"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/20177","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\/176"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=20177"}],"version-history":[{"count":2,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/20177\/revisions"}],"predecessor-version":[{"id":20205,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/20177\/revisions\/20205"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/18387"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=20177"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=20177"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=20177"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}