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Crown Resorts has a lot of work to do to satisfy the NSW Independent Liquor and Gaming Authority that it can keep its Sydney license and the idea it may have to blow itself up to survive is not far from the mark, according to Chair Philip Crawford.
Crown Resorts is facing more regulatory scrutiny after the Victorian Gaming Minister said she was fast-tracking the regular review of its suitability to hold a casino license and appointing a special commissioner to oversee the process.
A lawyer for billionaire James Packer has dismissed allegations he had undue influence over Crown Resorts and rejected responsibility for any corporate governance failings.
Crown Resorts director Andrew Demetriou has claimed the company is ready to open and run its Sydney casino in defiance of the governance and probity questions raised at the NSW inquiry into the casino giant.
A second Australian regulator said it has begun disciplinary proceedings against casino giant Crown Resorts Ltd CWN.AX after media reports accused it of failing to vet foreign gamblers, a second watchdog to take action over the claims.
Testifying before an inquiry in Sydney, former Crown Resorts Chairman James Packer said the amount of profit generated by the company’s VIP business was not worth the risk posed to its employees.
James Packer insisted on selling a 19.9 percent stake in Crown Resorts to Melco Resorts & Entertainment, while the key executive negotiating the transaction gave “little thought” as to the potential impact on its Sydney license, an inquiry heard.
Senior executives from Crown Resorts, including CEO Ken Barton, answered questions this week at an inquiry into whether the company is suitable to hold a license in Sydney, revealing a “troubling” lack of awareness of company operations.