{"id":318,"date":"2019-10-18T14:40:49","date_gmt":"2019-10-18T14:40:49","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=318"},"modified":"2026-04-24T10:21:01","modified_gmt":"2026-04-24T13:21:01","slug":"crown-resorts-and-ato-reach-a-final-settlement","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/crown-resorts-and-ato-reach-a-final-settlement","title":{"rendered":"Crown Resorts and ATO reach a final settlement"},"content":{"rendered":"\n<p>Casino operator Crown Resorts reached a settlement with the Australian taxation Office over an \u20ac245,3 million tax dispute.<\/p>\n\n\n\n<!--more-->\n\n\n\n<p>Australia.- The dispute relates to Crown Resorts\u2019 attempted strike\ninto the US market, including its planned \u20ac1.58 billion acquisition of Las Vegas casino firm Cannery Casino\nResorts \u2013 which ran four casinos in Nevada and Pennsylvania \u2013 in 2007. <\/p>\n\n\n\n<p>However, the full acquisition never took place, with Crown renegotiating the acquisition of a 24.5% stake instead and a \u20ac130,7 million fee to terminate the original deal.<\/p>\n\n\n\n<p>Crown also failed to get its planned Alon resort at the northern end of the Las Vegas Strip up and running, <a href=\"https:\/\/focusgn.com\/wynn-still-considers-crown-acquisition\"><em><strong>eventually selling the land to Wynn Resorts<\/strong><\/em><\/a> in 2017 for \u20ac270 million.<\/p>\n\n\n\n<p>Disputing the treatment of those transactions as tax deductions,\nthe ATO slapped Crown with an initial \u20ac222\nmillion tax bill for the financial years ended 30 June 2009 to 30 June 2014,\nthen a further bill for the years through 30 June 2016. It also dismissed\nCrown\u2019s objections to the bill in May 2018, with Crown subsequently taking the\nmatter to court.<\/p>\n\n\n\n<p>Finally, in this Thursday filing, Crown said the two parties had now reached a settlement of the matter for an undisclosed amount believed to be well below the \u20ac245,3 million the Australian Taxation Office (ATO) was seeking.<\/p>\n\n\n\n<p><em>\u201cThe settlement does not result in material impacts to Crown\u2019s current or future year financial results,\u201d <\/em>Crown Resorts said.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Casino operator Crown Resorts reached a settlement with the Australian taxation Office over an \u20ac245,3 million tax dispute.<\/p>\n","protected":false},"author":133,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"Crown Resorts has reached a settlement with the Australian Taxation Office regarding a \u20ac245.3 million tax dispute stemming from its unsuccessful US market expansion efforts, including a failed acquisition of Cannery Casino Resorts and the Alon resort project. The settlement, for an undisclosed amount below the ATO's original claim, is not expected to materially impact Crown's current or future financial results.","focusai_entities":"Crown Resorts, Australian Taxation Office, Cannery Casino Resorts, Wynn Resorts","focusai_location":"Australia, US, Las Vegas, Nevada, Pennsylvania","focusai_target_profile":"ceo_executive (0.9), regulator (0.8), compliance_legal (0.9), operator_casino (0.8), investor_analyst (0.95), journalist_researcher (0.85)","focusai_suggestions":[{"label":"ATO Settlement Impact","query":"What are the specific financial terms of the undisclosed settlement with the ATO, and how does this impact Crown Resorts' balance sheet and future capital allocation strategies?"},{"label":"US Market Strategy","query":"Given the historical challenges with US market entry, what is Crown Resorts' current long-term strategy for international expansion, particularly in regulated gaming verticals?"}],"footnotes":""},"categories":[160,16336,28],"tags":[289,29,337],"class_list":["post-318","post","type-post","status-publish","format-standard","hentry","category-asia-pacific","category-australasia-news","category-casino-news","tag-australia","tag-casino","tag-regulation"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/318","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\/133"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=318"}],"version-history":[{"count":6,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/318\/revisions"}],"predecessor-version":[{"id":21377,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/318\/revisions\/21377"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=318"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=318"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=318"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}