More than 250 significant gamblers, comprising over a tenth of Crown Resorts’ leading Australian patrons, have been barred by the company following heightened examination of its business practices. This action arises amidst accusations of illicit finance and unlawful penetration, prompting ongoing royal commission investigations in Victoria and Western Australia.
These high-rolling players, belonging to a cohort of roughly 1,800 VIP customers, were identified during strengthened due diligence assessments for dubious origins of wealth or other ethical concerns. Crown’s incoming chief executive, Steven McCann, stressed the firm’s preparedness to manage potential results of the inquiries, suggesting strategic avenues including a prospective divestiture.
This situation follows Crown’s refusal of an acquisition offer from Blackstone and the retraction of a consolidation proposition from The Star, both citing ambiguities surrounding Crown’s gaming permits in Melbourne, Sydney, and Perth.
James Packer’s Consolidated Press Holdings, possessing a substantial 37% ownership in Crown Resorts, has refused a meeting request from the company’s executives, as per Mr. McCann. He indicated that Crown had proposed a discussion with CPH, as they would with any significant investor, but they have chosen not to engage presently.
