{"id":604,"date":"2019-09-04T00:14:23","date_gmt":"2019-09-03T14:14:23","guid":{"rendered":"https:\/\/uberpokies.org\/?p=604"},"modified":"2019-09-08T00:22:11","modified_gmt":"2019-09-07T14:22:11","slug":"major-deal-puts-crown-resorts-operations-at-risk-as-regulators-swoop-in","status":"publish","type":"post","link":"https:\/\/uberpokies.org\/major-deal-puts-crown-resorts-operations-at-risk-as-regulators-swoop-in\/","title":{"rendered":"Major deal puts Crown Resorts operations at risk as regulators swoop in"},"content":{"rendered":"

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

The sale of an almost 20% stake in its business to Asian counterpart Melco Resorts<\/a> and Entertainment Limited, has attracted the scrutiny of the New South Wales Independent Liquor and Gaming Authority. The transaction may constitute a \u2018breach\u2019 of the operator\u2019s license or other regulatory covenants.<\/p>\n

Sydney operation in jeopardy<\/strong><\/p>\n

AS reported by GGRAsia, the investigation, headed by\u00a0former New South Wales Supreme Court Judge, Patricia Bergin could have devastating implications for the company. The judge will consider whether\u00a0Crown Resorts Limited\u00a0should be permitted to retain the state-issued casino license attached to their sprawling Crown Sydney\u00a0facility.\u00a0 The facility is in the harborside\u00a0Barangaroo\u00a0district of central\u00a0Sydney and is due to\u00a0begin welcoming gamblers from 2021.<\/p>\n

High stakes<\/strong><\/p>\n

Crown Resorts is currently already responsible for the\u00a0Crown Perth\u00a0venue in\u00a0Western Australia\u00a0as well as\u00a0Victoria\u2019s monolithic Crown Melbourne. \u00a0 In May, Crown made a bold move by signing off on\u00a0a $1.2 billion deal\u00a0whereby its largest shareholder,\u00a0CPH Crown Holdings Proprietary Limited, offloaded a 19.9% stake in its business to Hong Kong-listed\u00a0Melco Resorts and Entertainment Limited.<\/p>\n

Deal on hold<\/strong><\/p>\n

CPH Crown Holdings Proprietary Limited, under the control of controversial Australian billionaire businessman, James Packer<\/a>, initiated this deal in June by selling just over 67.67 \u00a0million 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.<\/p>\n

In the face of the current situation, however, the buyer declared yesterday that it had\u00a0postponed its acquisition as \u2018to allow more time for the relevant\u00a0Australian\u00a0regulatory processes to be completed.\u2019<\/p>\n

Lawrence Ho Yau Lung, chairman and CEO of Melco, stated that his company was willing to participate in \u2018in any probity review process and cooperate with any inquiry\u2019 regarding its acquisition of the shares in\u00a0Crown Resorts Limited.<\/p>\n

Under the magnifying glass<\/strong><\/p>\n

The\u00a0New South Wales\u00a0Independent 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 \u00a0determine whether Ho and his representatives are of \u2018good repute\u2019 in regards to their \u2018character, honesty and integrity\u2019 and whether they have connections with \u2018any person, body or association who is not of good repute\u2019 or \u2018otherwise not suitable to be associated\u2019 with the local gaming license held by Crown.\u200b<\/p>\n","protected":false},"excerpt":{"rendered":"

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 […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"content-sidebar","footnotes":""},"categories":[5,6],"tags":[28,33,34,32],"yoast_head":"\nMajor deal puts Crown Resorts operations at risk as regulators swoop in - UberPokies.org<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/uberpokies.org\/major-deal-puts-crown-resorts-operations-at-risk-as-regulators-swoop-in\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Major deal puts Crown Resorts operations at risk as regulators swoop in - UberPokies.org\" \/>\n<meta property=\"og:description\" content=\"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. 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