After months of deliberation and scrutiny, the New South Wales Independent Commission Against Corruption (ICAC) has finally given the green light to Crown Resorts to operate its new $2.2 billion casino in Sydney.
The approval comes after a thorough investigation into allegations of corruption and improper conduct within the company, which arose after a series of damaging reports in the media. The inquiry, which began in March last year, heard evidence from a number of former employees and other witnesses who alleged a range of wrongdoing, including money laundering, drug trafficking and collusion with organized crime.
Despite these allegations, the ICAC ultimately found that there was insufficient evidence to support the claims against Crown Resorts, and that the company had taken steps to address any shortcomings in its policies and procedures. In a statement released today, ICAC Commissioner Deborah Mandel said that while there were some concerns about the company’s past conduct, she was satisfied that Crown Resorts had made significant improvements to its compliance and governance systems.
The decision to grant the casino a license has been met with a mixture of relief and skepticism. Some observers have welcomed the news, arguing that the new casino will bring much-needed investment and jobs to the city, while others have expressed concerns about the potential for further misconduct. In response to these concerns, Crown Resorts has committed to working closely with the ICAC and other regulatory bodies to ensure that its operations are conducted in a transparent and ethical manner.
The approval of the casino is a significant milestone for Crown Resorts, which has faced a turbulent few years following a series of scandals that have tarnished its reputation. The company’s shares have plummeted in value, and its CEO, James Packer, was forced to step down in the wake of the allegations against the company. However, with the approval of the casino, Crown Resorts now has the opportunity to turn the page and rebuild its image.
The new Sydney casino, which is set to open in 2020, is expected to be a major tourist attraction and a boon for the local economy. With its state-of-the-art facilities and luxury accommodations, the casino is poised to become a landmark destination for visitors from around the world. And with the ICAC’s stamp of approval, Crown Resorts can now look forward to a bright future in the world of Australian gaming.
