Crown Resorts has announced it has banned 250 high rollers who couldn’t explain where their money came from or raised other probity concerns.<\/p>\n\n\n\n\n\n\n\n
Australia.- In an attempt to hold on to its gaming licences,\u00a0Crown Resorts\u00a0<\/strong>has begun implementing a series of changes, including banning 250 VIP players\u00a0<\/strong>who couldn’t explain the source of their money.<\/p>\n\n\n\n The company\u00a0carried out an investigation into over 1,800 high rollers<\/strong>. According to The Brisbane Times,\u00a0Allan McGregor<\/strong>, Crown\u2019s chief financial officer, said the ongoing reviews were \u201cfar more significant and comprehensive than we\u2019ve done before.”<\/p>\n\n\n\n Steven McCann<\/strong>, Crown Resorts CEO, said the company was preparing for different outcomes of the ongoing Royal Commissions that are investigating the company.<\/p>\n\n\n\n He said: “We will consider all options to maximise shareholder value in the context of however the regulatory environment plays out.\u00a0Crown has three of the best integrated resorts in the world<\/strong>. I\u2019m sure there will be people looking with interest at how things play out.\u201d<\/p>\n\n\n\n In May, Crown rejected\u00a0an offer from Blackstone<\/a> to acquire the casino operator. The company had upped its original bid from\u00a0AU$11.85 cash per share to AU$12.35<\/strong>.\u00a0<\/p>\n\n\n\n Star Entertainment<\/a>\u00a0also\u00a0made an offer of AU$12bn<\/strong>\u00a0(US$9.4bn)<\/strong>\u00a0for the casino operator. However, the company withdrew it<\/a> following suggestions that the operator should lose its\u00a0casino licence<\/a>\u00a0for Crown Melbourne.<\/p>\n\n\n\n Crown Resorts Limited has shared its financial results for the fiscal year 2021, reporting\u00a0revenue down 31 per cent<\/strong>\u00a0year-on-year to AU$1.5bn (US$1.1bn). Reported EBITDA was down 77 per cent<\/strong>\u00a0to AU$114.1m. Crown reported an NPAT loss of AU$261.6m.<\/p>\n\n\n\n The company attributed the losses to the Covid-19 restrictions<\/a> and multiple countermeasures ordered by the government as well as the temporary closures of Crown Melbourne<\/a> and Crown Perth.<\/p>\n\n\n\n Jane Halton<\/strong>, Crown\u2019s interim Chairman, said: \u201c2021 has been a challenging year for Crown, with intense regulatory scrutiny and unprecedented impacts on business operations from the Covid-19 pandemic.\u201d<\/p>\n\n\n\n Crown Melbourne VIP revenue<\/strong> plummeted 98 per cent to AU$4.4m as gaming operations were closed for 160 days of the financial year.<\/p>\n\n\n\nCrown’s revenue down 31 per cent in the fiscal year 2021<\/h2>\n\n\n\n