A review from the Victorian Gambling and Casino Control Commission has concluded that Crown Melbourne can keep its casino license.
Crown Melbourne Keeps Casino License
There had been some regulatory concerns towards Crown Resorts and specifically, Crown Melbourne, and the casino aimed to address these issues through the VGCCC.
In the space of three years, starting from 2021, around $200 million has been invested by Crown into transforming certain aspects.
The money went towards reforming harm minimization, governance, compliance, financial crime prevention, organizational culture and risk management.
New ownership and management has increased the pace in which these aspects have been worked on – aiming to complete the changes by 2026.
The VGCCC completed a thorough review and believed Crown Melbourne were making decisions to improve the ongoings at the casino.
Crown Resorts are still the subject of a continued regulatory review, which is separate the one directed at Crown Melbourne.
This other review focuses on allegations of letting removed customers to return to the buildings and has fell on the shoulders of Crowns CEO, Ciaran Carruthers.
Reviews both internally and externally have been continue with full cooperation from Crown Resorts and it has been deemed as an independent review.
Crown Resorts has also been working alongside strict conditions, which were implemented by the VGCCC – handing the operator a special license.
This license came after a royal commission labeled Crown Resorts as unsuitable to hold a traditional casino license and added further scrutiny around the operator who were already dealing with several other issues.
In the early stages of 2024, Crown Resorts settled an agreement to pay a $294.5m to AUSTRAC for breaching anti-money laundering and counter-terrorism laws.
Alongside this, was some other compliance measures and penalties, which had a heavy impact on Crown Resorts’ financial standings and performance – reporting an overall loss of around $77m.
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