Analysts are not convinced that Australia’s Crown Resorts, despite all of its failings, will be stripped of its Melbourne casino license. Simply put, the state’s economy has enough of a battle with lockdowns and there are enough jobs at risk without the casino closing already. Our deep-dive this morning looks at the likely scenarios that Crown will face to regain its suitability.
In the Philippines, the House of Representatives is reportedly going to adopt the new bill clarifying the tax liabilities of Philippines Offshore Gaming Operators, or POGOs.
First, the news
- Crown losing its casino license not likely, say analysts
- Crown Sydney won’t open until “well into 2022”: Green
- Crown Perth inquiry extended by four months
- Crown hires powerbroker to advise on probe fallout
- IPI resort should be “blown to smithereens,” lawmaker says
- Tax rates for soon-to-be-adopted POGO tax bill
- Londoner Court hotel to open for Golden Week, H2 improving
- Macau authorities: outbreak in Macau could occur “at any time”
- Silver Heritage delisted from Australian Securities Exchange
- Philippines to change rules for fully vaccinated travellers
- Unibet charged with illegal gambling adverts
- Former Star dealer convicted in casino scam
What you need to know
Crown Resorts’ new A$2.2 billion ($1.6 billion) property in Sydney will not likely be given a green light to open the doors to its casino until “well into 2022,” according to gaming veteran David Green. This is despite an announcement from the NSW regulator earlier this year saying that Crown Resorts looked to be on track to open its Barangaroo resort in Sydney before the end of October after making “significant” progress in its efforts to regain suitability for a license.
Imperial Pacific International’s under construction resort on Saipan should be “blown to smithereens,” if the Casino Control Commission revokes the company’s operating license, lawmaker Vicente Camacho said. Representatives and regulators met on Thursday to discuss the future of the resort, which has become a white elephant in one of the island’s prime tourism destinations. Although new operators may want IPI’s license, few are likely to be interested in the building.
The House of Representatives in the Philippines is reportedly ready to adopt a new bill clarifying the tax liabilities of Philippines Offshore Gaming Operators (POGOs), with only minor differences from that passed by the Senate. The House Ways and Means Committee chair noted that there was “no difference” in the final bill regarding tax rates and tax bases.
Crown Resorts is unlikely to have its casino license in Victoria revoked, despite a bombshell recommendation from Victorian Royal Commission counsel Adrian Finanzio to strip the casino of its license last week, according to industry experts. Speaking to AGB on Thursday, J.P. Morgan equity research analyst Don Carducci said that it was a more likely scenario that Crown would lose suitability to operate a casino in the state but still be allowed to continue to trade.
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