Crown Sydney narrowly avoided having its casino license revoked, but doubts linger about the sincerity of their transformation efforts.
The decision to permit Crown Sydney to retain its license follows a similar outcome for Crown Melbourne, which was also allowed to continue operating by the Victorian Gambling and Casino Control Commission.
Crown asserts that it has invested heavily, approximately 192 million US dollars, in overhauling its operations. They claim to be focused on mitigating gambling-related harm, combating financial crimes, and enhancing governance and risk management practices.
Following Blackstone’s acquisition of Crown in 2022, a new leadership team was installed, and various modifications were implemented. A significant change involved the appointment of a new board of directors, including a new chairman for Crown Sydney.
Furthermore, Crown Sydney has introduced measures to curb money laundering, such as eliminating cash transactions at all electronic gaming tables, becoming the first casino in New South Wales to do so.
From the time Crown Sydney commenced operations in August 2022, our primary objective has been the comprehensive overhaul of our operational framework,” declared Mark McWhinney, Chief Executive of Crown Sydney. “We have presented 432 corrective actions to the NSW Independent Casino Commission (NICC) encompassing critical domains such as mitigating harm, combating financial malfeasance, regulatory adherence, risk management, and organizational ethos.”
Crown Resorts CEO Ciarán Carruthers underscored the significant shifts at Crown under Blackstone’s recent acquisition, emphasizing the joint endeavors of the new executive team, administration, and board of directors. “Throughout the preceding two years, we have undergone a metamorphosis of unprecedented magnitude in Australian corporate annals,” he asserted.
These pronouncements follow a turbulent chapter for Crown Sydney, which encountered numerous obstacles that ultimately resulted in the NICC permitting the retention of its casino license. Nevertheless, difficulties persisted, and in November 2023, Crown Sydney revealed intentions to curtail operational hours and eliminate 180 positions owing to diminished customer patronage.
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