In a decision that has reverberated throughout the gambling industry, the New South Wales Independent Liquor and Gaming Authority (ILGA) has announced that Blackstone-owned Crown Resorts will be allowed to keep its casino licence in Sydney. This follows a tumultuous period for the company, which faced intense scrutiny and calls for its licence to be revoked after a damning report uncovered years of systemic misconduct and potential money laundering at its flagship casino in Melbourne.
The ILGA’s decision, which was announced on Tuesday, has been met with mixed reactions from stakeholders and the public. While some have praised the regulatory body for holding Crown Resorts accountable and instilling new oversight measures to prevent future wrongdoing, others have criticized the decision as lenient and questioned whether the company truly deserves to keep its licence.
Under the terms of the ILGA’s approval, Crown Resorts will be required to undergo extensive reforms and oversight to ensure compliance with the law and prevent further misconduct. This includes the appointment of an independent monitor to oversee the company’s operations, as well as the implementation of robust anti-money laundering controls and training programs for staff.
In a statement following the announcement, ILGA Chair Philip Crawford emphasized the importance of accountability and transparency in the gambling industry. “Crown Resorts has a long road ahead to rebuild its reputation and regain the trust of regulators and the public,” Crawford said. “We will be closely monitoring their progress and will not hesitate to take further action if necessary.”
The decision comes as a relief for Blackstone, the American private equity firm that acquired Crown Resorts in a multi-billion dollar deal earlier this year. The company had faced uncertainty over the future of its investment in Crown Resorts, with many questioning whether the scandal-plagued company would be able to survive the fallout from the ILGA’s investigation.
While Blackstone has welcomed the ILGA’s decision, it has also acknowledged the challenges ahead. In a statement, a spokesperson for the company said, “We are committed to working closely with regulators and stakeholders to ensure that Crown Resorts operates with the highest standards of integrity and compliance. We recognize the gravity of the situation and are fully committed to implementing the necessary reforms to restore trust in the company.”
As Crown Resorts begins the process of rebuilding its reputation and implementing the reforms mandated by the ILGA, the gambling industry will be watching closely to see how the company navigates this tumultuous period. With its future hanging in the balance, Crown Resorts will be under intense scrutiny as it works to regain the trust of regulators, stakeholders, and the public.
