Down Under and out

9 February 2021 By Katrina Hamlin Follow @KatrinaHamlin

The company is not fit to operate its $1.7 bln casino in Sydney, according to a report prepared for regulators. An ownership change could solve some, but not all, of the issues. China’s row with Canberra, plus a crackdown on overseas gaming, renders the business model obsolete.

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Australian casino operator Crown Resorts was not a "suitable person" to hold a gambling licence, a report commissioned by an industry regulator said on Feb. 9.

Crown was initially granted a gambling licence for a A$2.2 billion ($1.7 billion) casino tower in Sydney several years ago. The New South Wales state Independent Liquor and Gaming Authority (ILGA) suspended its license on Nov. 18 pending a review, which was prompted by media reports alleging company dealings with organised crime groups. The ILGA will review the report by retired judge Patricia Bergin before making a final decision on the licence.

Trading in the company’s shares was halted on the morning of Feb. 9 pending the release of the report.

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