casino table
Image: Kaysha, Unsplash
  • ILGA delivered its findings in a 750-page report
  • $2.2 billion tower has already been built and is fitted
  • Two directors have resigned less than 24 hours after the report was published

The NSW’s Independent Liquor and Gaming Authority (ILGA) delivered its findings in a 750-report delivered yesterday.

The findings deemed Crown unsuitable to hold the licence for what would have been Sydney’s second casino after Star City and nationally the 14th casino in Australia.

Crown currently has two Casinos located in Melbourne and Perth respectively.

It is a massive blow for the ASX-listed gaming and entertainment group considering the $2.2 Barangaroo tower has been built and decked out.

Recommendations include ensuring all casinos prevent money laundering and from dealing with Junket operators – a term used for operators who lure wealthy gamblers by using methods such as luxury travel, accommodation and other personalised promotions.

In an interview with Nine Radio this morning, New South Wales Premier, Gladys Berejiklian, described the report as “direct and frank” but remarked the Authority has high standards for all licensees.

“We as a Government, through our Independent Liquor and Gaming Authority, will want assurance that anyone who wants to have a licence in NSW conducts themselves with the utmost integrity” she told the radio program.

In a statement, Crown said it will work with the ILGA concerning the findings of the report.

Today saw two directors resign – Guy Jalland and Michael Johnston – along with non-executive director John Poynton having his consultancy arrangement with Consolidated Press Holdings terminated. This means he is no longer a nominee of CPH on Crown’s Board./ This means there are no more CPH-appointed nominees on Crown’s Board.

All this occurred in under 24 hours after the report was made available.

Unsurprisingly, Crown shares plummeted this morning after a trading halt was requested yesterday.

This morning shares opened at 9 per cent lower although this recovered to only a 3.35 per cent decline by close of trade today.

With pressure looming on the Victorian and Western Australia State Governments to review their relationships with Crown, it is likely there is more to come.




You May Also Like

Property and design firms to shine a light on First Nations at Melbourne Fashion Festival

the Urban Oasis Runway presented by Architectus, ADP Consulting, MPA and Slattery will be held on Friday 9 March at 7.00pm.

Property Council launches CBD VIP campaign to raise footfall in Perth city

The move comes on the day most COVID restrictions across WA were lifted

2022 Apartment Awards to include seven new categories

Entries for the awards close 31 March

Harcourts Packham joins Toward Home to battle homelessness

‘Terra Firma’ provides short-term accommodation for vulnerable people

Experts Corner by The Property Tribune

Ko & NPA partner to launch several co-owned luxury properties at Mermaid Beach, Gold Coast

Ko's partnership with NPA Projects provides more opportunities to co-own off-the-plan holiday residences, including exclusive Gold Coast properties

Continue reading

Top Articles

Perth property market: The definitive guide to buying a modular home

Modular homes, misunderstood as inferior, offer efficient, durable alternatives to traditional construction methods.

The 50 square metre solution getting people into their first homes and delivering an answer to ...

Small, modular homes could be a key part of the broader solution to Western Australia's current housing challenges.

The hardest time ever to buy a house in Australia: How Australian home buying got ...

We're currently in a buyer's market, but that doesn't mean Australian house prices are crashing.