In closing submissions to Victorian Royal Commission, Crown Resorts warned that if it loses its licence in the state, there is a \u201cvery real potential\u201d of default on its debt facilities.<\/p>\n\n\n\n\n\n\n\n
Australia.- In its final submissions to the Victoria Royal Commission,\u00a0Crown Resorts has stated that if it loses its licence, <\/strong>the company could go into default.<\/p>\n\n\n\n The casino operator argued that its venue in Melbourne is one of the biggest single-site employers in the state\u00a0<\/strong>with more than 11,500 employees. It said it has paid at least AU$1.4bn in casino taxes and community benefit levies since 2014.<\/p>\n\n\n\n Crown Resorts said\u00a0it has made further changes and reforms<\/strong>, but Adrian Finanzio<\/a>, counsel assisting the inquiry, has told Victoria\u2019s Royal Commission that\u00a0Crown Melbourne should lose its casino licence\u00a0<\/strong>due to serious misconduct.<\/p>\n\n\n\n Finanzio argued that the evidence against Crown Melbourne during the inquiry showed \u201cserious misconduct, illegal conduct and highly inappropriate conduct<\/strong>, which has been encouraged or facilitated by a culture which has consistently put profit before all other considerations.\u201d<\/p>\n\n\n\n He also said that Xavier Walsh<\/strong>, Crown Melbourne\u2019s chief executive, and former executive chairman, Helen Coonan<\/strong>, were not appropriate people to remain connected to the casino operator.<\/p>\n\n\n\n Xavier Walsh<\/a> will step down as chief executive officer<\/strong> of Crown Melbourne<\/strong> on August 20 while Helen Coonan <\/a>will resign from her role by the end of the month.<\/p>\n\n\n\n Despite the situation,\u00a0J.P. Morgan<\/a>\u00a0believes 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 financial 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. <\/p>\n\n\n\n A\u00a0Royal Commission\u00a0<\/strong>into trade union governance and slush funds in\u00a02014\/2015<\/strong>\u00a0resulted in a recommendation for the creation of a new national regulator.\u00a0<\/p>\n\n\n\n Victoria\u2019s Royal Commission into Crown Resorts will continue until October 15<\/a> after the government approved judge Raymond Finkelstein\u2019s request for an extension.<\/p>\n\n\n\nJudge denies risk to jobs if Crown loses Melbourne licence<\/strong><\/h2>\n\n\n\n