Crown Formally Judged Unfit to Run Sydney Casino by Regulator
(Bloomberg) -- Crown Resorts Ltd. was formally judged unfit to operate a Sydney casino by the regulator, after a public inquiry last week found the company allowed money laundering to take place at its other properties for at least five years.
The New South Wales Independent Liquor and Gaming Authority, the state’s gaming watchdog, notified Crown that it has breached the terms of its Sydney contract, the company said in a statement Tuesday. ILGA, as the regulator is known, has started a “consultation process” and asked Crown to address it “in relation to its present view,” the company said.
Former judge Patricia Bergin last week recommended an overhaul of Crown’s management, governance and culture before the company could start gaming operations at its A$2.2 billion ($1.7 billion) Sydney casino. ILGA is due to consider Bergin’s report further at a Feb. 17 board meeting.
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