Crown Resorts got approval from the regulator after its overhaul. Thus, Crown is preparing to start gambling operations at the Sydney resort. Philip Crawford, chair of the casino regulator in New South Wales, said that the resort could start its gaming operations before the end of October.
In February, the regulator found Crown to be unfit to operate the casino resort. It came after a report showed the company allowed money laundering activities at its other casino resorts for years. However, Crown made amends to address the regulator’s concerns.
Crawford’s assessment provided a vote of confidence in Helen Coonan’s renewal plan for the casino. Coonan is the Crown Chairman. She’s working to improve supervision of the operations, implement stricter regulations, and have tighter anti-criminal checks.
Crown is Preparing to Start Gambling Operations
According to gambling software reports, Crawford’s time frame reduced the risks for several bidders such as the Blackstone Group. The company placed a bid for A$12.35 per share in cash. A competitor proposed buying out Crown at A$14 per share. At present, Crown shares dropped 0.4 percent to A12.75.
As per gambling news sources, a third-party monitor will report to the regulator on the casino operator’s structural changes, anti-money laundering measures, and improvements to its corporate governance. Crown closed its offices abroad as it plans to run its junket operations from Australia.
Last February, former Judge Patricia Bergin’s report on Crown destroyed the reputation of the company. According to white label sportsbook experts, Bergin recommended the overhaul of the company that included removing some directors and managers. The casino operator needed to do the recommended actions before it can start its operations in Sydney.
Crown agreed to make all gambling activities in the casino cashless. They would use a card technology connected to a recognized financial institution and identity.