Crown learns fate of Sydney casino licence

Crown Resorts' response to money laundering allegations is more of a problem than the money laundering itself, an inquiry has heard. Photo: Getty
Shares in Crown Resorts have entered a trading halt as the casino giant braces for a report outlining findings about its fitness to run a casino in Sydney to be made public.
The NSW Independent Liquor and Gaming Authority will release the highly-anticipated report by Commissioner Patricia Bergin on Tuesday afternoon, once it is tabled in state parliament.
The reportâs publication is the culmination of an extraordinary probe that has laid bare the governance problems at one of the countryâs most high-profile companies.
The company requested a trading halt on Tuesday morning, saying it will make an announcement when the report is published.
The Liquor and Gaming Authority said a link to the report would be posted on the NSW parliamentâs website.
âAs the authority is yet to formally consider its response to the report, it will not be making public comment on the findings at this time,â the authority said.
It commissioned Ms Bergin to make findings and recommendations on Crownâs suitability to hold a casino licence.
The report will also make findings on the objects of the Casino Control Act and the LGAâs âability to respond to the growing complexity of risks associated with casinosâ.
During the inquiry, Crown admitted it was more likely than not that money had been laundered through its bank accounts.
Evidence was also aired of the companyâs links with organised crime figures and a high-risk, profit-driven culture.
The inquiry shone a spotlight on billionaire James Packer, a figure who has long been subject to fascination, scrutiny and gossip.
While giving evidence, Mr Packer revealed he had been diagnosed with bipolar disorder, an illness that saw him step down from Crownâs board twice.
The troubled heir owned up to âshamefulâ and âdisgracefulâ conduct, which he blamed on his poor mental health.
Counsel assisting the inquiry argued that Ms Bergin should find that neither Crown nor Mr Packer were suitable to be close associates of the casino.
If Ms Bergin does find Crownâs problems mean it should not run the casino, she must make recommendations for what changes, if any, can render it suitable.
One suggestion already came from Mr Packer, who admitted that Ms Bergin might consider caps on shareholding and therefore force him to part with his shares in Crown. He owns 36.8 per cent of the company.
Another issue was the independence of the board, which includes a number of Packer family associates.
Crown appointed a new director, Nigel Morrison, to the board last month. The companyâs media release described the appointment as âpart of a process of board renewalâ.
-AAP
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