Crown Resorts Archives - UberPokies.org

Investigation into Crown Resorts Limited kicks off in New South Wales

February 21, 2020 by Admin

The gaming regulator for New South Wales has initiated the first of five public hearings into allegations that local casino operator Crown Resorts Limited may have enlisted the services of shady agents in order to lure wealthy Chinese gamblers to its venues.

In a Saturday report on Bloomberg news service, it was revealed that the New South Wales Independent Liquor and Gaming Authority is probing claims that the Crown Resorts had used individuals connected to human traffickers, drug cartels and money launderers with the end goal of attracting foreign clients to its venues.

Potential shutdown:

The news service described how the probe, led by former New South Wales Supreme Court Judge, Patricia Bergin, could spell the end for Crown Resorts Limited’s operating license for its planned Crown Sydney facility. The Bangaroo harbour-side $1.5 billion property in central Sydney was set to begin welcoming gamblers later in the year, with 50 months of construction already completed.

Shady friends:

Bloomberg has reported that the inquiry could compel testimony from billionaire James Packer, Crown’s largest investor. Melco Resorts’ Chairman and CEO, Lawrence Ho Yau Lung, could also be called up to testify. The report lays out how Melco had been poised to acquire an almost 20% shareholding in Crown Resorts, only to halve the arrangement late last month, leaving it with a 9.9% stake.

Criminal ties:

Crown Resorts Limited is additionally responsible for the Western Australian Crown Perth venue and Victoria’s giant Crown Melbourne. loomberg reported that the investigation will take a hard look at the relationship between Ho and his father, 98-year-old Macau casino magnate Stanley Ho Hung Sun. The elder Ho has previously been banned from investing in Australian casinos amid allegations that his gambling empire is largely due to his associations with organized crime groups.

Possible policy review:

The news report went on to reveal that an inquest by the New South Wales Independent Liquor and Gaming Authority could possibly review the state’s gambling regulations and legislation as well as the exposure of local casinos to money laundering.

Changing faces:

Bloomberg also reported that Crown Resorts Limited has pre-emptively tapped new Non-Executive Chairman Helen Coonan to overhaul its corporate governance functions. Coonan, a 72-year-old ex-senator stepped into a role previously filled by executive chairman, John Alexander. She will wade into uncertain territory with a re-organized board, notably, new Chief Executive Officer Ken Barton.

Major deal puts Crown Resorts operations at risk as regulators swoop in

September 4, 2019 by Admin

The gaming regulator for the eastern state of New South Wales is investigating possible license violations by local casino operator, Crown Resorts.

The sale of an almost 20% stake in its business to Asian counterpart Melco Resorts and Entertainment Limited, has attracted the scrutiny of the New South Wales Independent Liquor and Gaming Authority. The transaction may constitute a ‘breach’ of the operator’s license or other regulatory covenants.

Sydney operation in jeopardy

AS reported by GGRAsia, the investigation, headed by former New South Wales Supreme Court Judge, Patricia Bergin could have devastating implications for the company. The judge will consider whether Crown Resorts Limited should be permitted to retain the state-issued casino license attached to their sprawling Crown Sydney facility. The facility is in the harborside Barangaroo district of central Sydney and is due to begin welcoming gamblers from 2021.

High stakes

Crown Resorts is currently already responsible for the Crown Perth venue in Western Australia as well as Victoria’s monolithic Crown Melbourne. In May, Crown made a bold move by signing off on a $1.2 billion deal whereby its largest shareholder, CPH Crown Holdings Proprietary Limited, offloaded a 19.9% stake in its business to Hong Kong-listed Melco Resorts and Entertainment Limited.

Deal on hold

CPH Crown Holdings Proprietary Limited, under the control of controversial Australian billionaire businessman, James Packer, initiated this deal in June by selling just over 67.67 million of the shares it held in Crown Resorts Limited to Melco. This near 10% sell-off was due to be followed by a similarly-sized transaction before the end of next month.

In the face of the current situation, however, the buyer declared yesterday that it had postponed its acquisition as ‘to allow more time for the relevant Australian regulatory processes to be completed.’

Lawrence Ho Yau Lung, chairman and CEO of Melco, stated that his company was willing to participate in ‘in any probity review process and cooperate with any inquiry’ regarding its acquisition of the shares in Crown Resorts Limited.

Under the magnifying glass

The New South Wales Independent Liquor and Gaming Authority have explained that the scope of their investigation goes beyond the legality of the deal itself. They are also seeking to determine whether Ho and his representatives are of ‘good repute’ in regards to their ‘character, honesty and integrity’ and whether they have connections with ‘any person, body or association who is not of good repute’ or ‘otherwise not suitable to be associated’ with the local gaming license held by Crown.

Suncity Group Holdings Limited refutes rumours around Australian investigation

August 19, 2019 by Admin

Suncity Group Holdings Limited, the Asian casino firm, is reported to have released an official statement to deny claims recently made that it is being investigated by authorities in Australia. The inquiry is said to involve alleged links between Chinese crime syndicates and the operator’s controlling shareholder.

Possible Criminal Links

According to a report on Monday, the Hong Kong-listed firm’s name allegedly came up late last week as claims were being made that Australia’s ongoing Targeting Criminal Wealth investigation was investigating criminal gangs possibly using junket services in the country as a means of laundering money through casinos.

Admission Speculations

Reports by GGRAsia state that Alvin Chau Cheok Wa was a significant stakeholder in Suncity Group Holdings Limited while serving as the boss for privately-held Macau junket firm, Suncity Group. Investigators have yet to release any specifics about their alleged inquiries, but rumour has it they upped the ante on their efforts after claims surfaced that the billionaire businessman may have recently been refused entry to Australia.

Determined denial

Suncity Group Holdings Limited, in response to these whispers, which have since grown louder, stated on Monday that neither the company nor Chau were being investigated. In addition to this, it stated that that the billionaire wasn’t scheduled to travel to Australia in the next twelve months.

Suncity is reported to have said, “The board of Suncity Group Holdings Limited noticed certain media articles recently published in relation to Alvin Chau Cheok Wa in relation to, among others, investigation of certain Australian casinos. He is not aware of the said investigation of such Australian casinos. Mr. Chau clarifies that he is not subject to any Australian investigation as at the date of this announcement. The listed company would like to clarify that [Suncity Group Holdings Limited together with its subsidiaries] has no business operations in Australia.”

Melbourne link

The junket-operating Suncity Group is known, however, for running 14 high-roller clubs run via casinos in a number of jurisdictions. These include the Philippines, South Korea, Cambodia, Vietnam, and Australia. This portfolio, according to local newspapers, encompasses a VIP lounge inside Crown Resorts Limited’s giant Crown Melbourne complex, which is currently under investigation for allegedly helping high-value Chinese individuals launder money in Australia.