Home News Company in the news

Crown has two years to clean up or lose its Melbourne casino

Bloomberg10/26/2021 10:32 AM GMT+08  • 4 min read
Crown has two years to clean up or lose its Melbourne casino
The company avoided the worst possible outcome - an immediate loss of the Melbourne license.
Font Resizer
Share to WhatsappShare to FacebookShare to LinkedInMore Share
Scroll to top
Follow us on Facebook and join our Telegram channel for the latest updates.

Crown Resorts has been given two years to save its flagship Melbourne casino by addressing a litany of wrongdoing after being found unfit to hold a gaming license.

In an unprecedented step to rein in Crown, a so-called special manager has been appointed to supervise the company, with the power to veto board decisions and unfettered access to all areas of the casino and its accounts, the Victorian state government said Tuesday after an independent inquiry headed by former judge Ray Finkelstein.

Crown shares jumped 11% in Sydney trading after the company avoided the worst possible outcome from Finkelstein’s Royal Commission -- an immediate loss of the Melbourne license -- which would have put the company’s entire future in doubt. Crown could, however, be stripped of its permit after two years unless it satisfies the government that it has sufficiently changed. “This will be a tough test to satisfy,” Finkelstein said in his report.

For more insights on corporate trends...
Sign In or Create an account to access our premium content.
Subscription Entitlements:
Less than $9 per month
Unlimited access to latest and premium articles
3 Simultaneous logins across all devices
Bonus unlimited access to online articles and virtual newspaper on The Edge Malaysia (single login)
Loading next article...
The Edge Singapore
Download The Edge Singapore App
Google playApple store play
Keep updated
Follow our social media
Subscribe to The Edge Singapore
Get credible investing ideas from our in-depth stock analysis, interviews with key executives, corporate movements coverage and their impact on the market.
© 2022 The Edge Publishing Pte Ltd. All rights reserved.