Gaming giant Crown has been slapped with a $20 million (US$13.8 million) fine for failing to pay its fair share of Victoria’s casino tax and trying to cover up the scheme. The state’s royal commission into Crown’s Melbourne operations found the casino giant wrongly claimed tax deductions by including the costs of certain promotional activities as…
Crown Casino Sydney’s Opening Sparks Concerns About Gambling Harm
Anti-gambling groups in Australia have raised concerns about the negative impacts that could arise from the opening of a new skyscraper casino in Sydney Harbour. On Aug. 8, gaming group Crown officially opened the doors to the VIP-only gaming floors of its $2.2 billion (US$1.52 billion) casino complex in Barangaroo after authorities suspended its operating…
Blackstone Increases Takeover Bid For Australia’s Crown Casinos
Private equity group Blackstone has increased its bid for Crown Resorts and this time the casino operator looks likely to accept. Blackstone raised its bid by 60 cents per share to $13.10 per share, which equates to an $8.87 billion proposal. Crown on Thursday said it was in shareholders’ interests to discuss the offer further…
Crown’s Victorian Licencing Fate Rides on Royal Commission Report
An Australian Royal Commission’s report into whether Crown Casino should keep its license in the state of Victoria has been handed to that state’s government, but the details will only be made public at the end of October. Former Federal Court judge Ray Finkelstein has spent five months examining whether the casino is fit to…
US Investment Giant Blackstone Bids for Troubled Australian Casino Group Crown
An $8 billion offer for gaming giant Crown Resorts from a US investment fund could be good news for shareholders of the troubled group, according to a market expert. U.S. private equity group Blackstone has made an unsolicited, non-binding offer of $11.85 cash per share. The offer represents a premium of 19 per cent to Crown’s weighted…
Victoria Calls for Royal Commission into Melbourne Crown Casino
Beleaguered gaming group Crown Resorts will be tested again by a new royal commission which will look into its Melbourne casino. The inquiry follows the royal commission in New South Wales (NSW) that reported Crown not suitable to hold a casino license due to financial crimes. The NSW Independent Liquor and Gaming Authority (ILGA) uncovered…
Crown Resorts CEO Ken Barton Resigns
Crown Resorts CEO and Managing Director Ken Barton has stepped down from the company. Chair Helen Coonan will assume the role of executive chairman while the company searches for a new CEO, Crown told the ASX on Monday. Barton had been under pressure to resign after being heavily criticised in an inquiry report. The report’s…
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