Crown Resorts’ long and arduous journey to regain its Sydney casino license has finally come to an end as authorities have granted the company the much-needed approval following successful remediation efforts. The decision marks a major victory for Crown Resorts, which had faced intense scrutiny and regulatory sanctions in recent years.
The Australian gaming giant had been under investigation by authorities for a series of allegations, including money laundering and organized crime links, which ultimately led to the suspension of its Sydney casino license in February 2021. Since then, Crown Resorts has been working tirelessly to address these concerns and restore its reputation as a trusted and compliant operator.
One of the key remediation efforts undertaken by Crown Resorts was the implementation of a comprehensive anti-money laundering program, which included enhanced due diligence on customers and transactions, increased regulatory reporting, and improved employee training. The company also conducted an internal review of its governance and compliance practices, leading to the appointment of new executives and board members with extensive experience in the gaming industry.
These efforts have not gone unnoticed by authorities, who have acknowledged Crown Resorts’ commitment to reform and compliance. In a statement, the New South Wales Independent Liquor and Gaming Authority (ILGA) praised the company for its “comprehensive and robust response to the issues that led to the suspension of its license.”
ILGA Chair Philip Crawford also expressed confidence in Crown Resorts’ ability to operate its Sydney casino in a responsible manner, stating that the company had taken “significant steps to address its shortcomings and demonstrate a genuine commitment to improve its governance and compliance structures.”
The decision to grant Crown Resorts’ Sydney casino license back has been met with praise and relief from the company’s stakeholders, who have long awaited a positive outcome. Crown Resorts CEO Steve McCann expressed his gratitude to ILGA for its support throughout the remediation process, stating that the company was “fully committed to maintaining the highest standards of integrity and compliance.”
With its license reinstated, Crown Resorts can now focus on the future and continue to deliver a world-class gaming and entertainment experience to its customers. The company is expected to implement further measures to strengthen its compliance and risk management practices, ensuring that it remains in good standing with regulatory authorities.
Overall, the granting of Crown Resorts’ Sydney casino license represents a significant milestone for the company, marking the end of a challenging chapter and the beginning of a new era of responsible and transparent operations. As Crown Resorts moves forward, it will be crucial for the company to uphold its commitment to compliance and continue to build trust with regulators, customers, and investors alike.
