Crown Sydney has been granted conditional approval by the NSW Independent Liquor and Gaming Authority to open its gaming operations.
Throughout this conditional period – which the authority says could span 18 months to two years –the authority will monitor the final phase of its suitability assessment after last year’s Bergin Inquiry found Crown unfit to hold a gaming licence.
“Under the Authority’s supervision, Crown has rebuilt its gaming model from the ground up, which has meant deep structural change around governance, anti-money laundering measures and corporate culture,” The Authority’s Chairperson, Philip Crawford, said.
“After more than one year’s work with Crown, the Authority is pleased to have reached a stage where Crown can open its casino operations on a conditional basis.”
Crawford said the authority will observe the new systems and internal control measures that have been set up by Crown and ensure they are embedded in the business.
“Crown has been required to implement a raft of stringent controls to prevent money laundering and criminal infiltration in its NSW business model. What was happening in Crown’s interstate operations will not be repeated in NSW,” Crawford said.
“With a complete clean-out of the board and senior executive, Crown has made significant progress and has agreed to ongoing work to regain its casino licence.”
The authority recently approved Blackstone’s suitability to hold a casino licence in NSW, and having since gained the necessary approvals from Victorian and West Australian regulators and the Federal Court, the funds manager is set to take over as the new owner of Crown on June 24.