The Sydney Crown casino’s operating permit has been retained following significant restructuring, but uncertainties linger regarding the operator’s claims about the breadth of these changes.
Crown Resorts and Crown Sydney (Crown) expressed satisfaction with the New South Wales Independent Casino Commission’s (NICC) determination to permit Crown Sydney to maintain its gaming license.
This decision follows a recent declaration by the Victorian Gambling and Casino Control Commission (VGCCC) deeming Crown Melbourne suitable to hold onto its casino license.
Crown has allocated AU$200 million ($192 million) towards overhauling its operations, introducing enhancements in areas such as minimizing harm, combating financial crime, governance, regulatory adherence, and risk mitigation.
These modifications were executed under new ownership and management following the Blackstone acquisition in June 2022. Significant alterations encompass the formation of a new board of directors, including a specialized Crown Sydney board led by John Borghetti.
Crown Sydney has instituted protocols to thwart and identify money laundering activities, notably spearheading the implementation of cashless gaming on all electronic table games (ETGs) within New South Wales.
From the time Crown Sydney commenced operations in August 2022, our primary objective has been the comprehensive overhaul of the entire enterprise,” declared Mark McWhinnie, Chief Executive Officer of Crown Sydney. He underscored their resolve to tackle critical aspects such as damage control, financial misconduct, regulatory adherence, hazard mitigation, and organizational transformation. This commitment is apparent in the 432 corrective measures presented to the New South Wales Independent Casino Commission (NICC).
Ciarán Carruthers, Chief Executive of Crown Resorts, emphasized the significant alterations within Crown under Blackstone’s stewardship. “With a revamped executive leadership team, management structure, and board composition, Crown stands today as a fundamentally different entity,” he asserted. “The preceding two years have witnessed a metamorphosis unparalleled in the annals of Australian corporate history.”
This determination by the NICC to permit Crown Sydney to retain its casino license follows a turbulent phase for the corporation. In November 2023, confronted with lower-than-projected guest figures, Crown Sydney revealed intentions to curtail operational hours and implement a workforce reduction of 180 personnel.
