The series of embarrassing revelations from a suitability probe in Sydney continue, with Crown Resorts Chair Helen Coonan admitting the company may have enable money laundering through "ineptitude."
What began with some bad news headlines, then developed into a special probity hearing in New South Wales, and has now become a full-scale governance crisis for Crown Resorts, with the newly announced Australian Transaction Reports and Analysis Centre (AUSTRAC) investigation posing a particular threat.
Australian Transaction Reports and Analysis Centre (AUSTRAC) has delivered formal notice to Crown Resorts that it has identified potential non-compliance at the firm with its responsibilities in relation to anti-money laundering rules.
A public park at Barangaroo that was due to be finished before Crown opens its waterfront tower might not be completed for another five years, as the ILGA inquiry casts doubt over the casino tower's December opening.
As a result of its disastrous performance in the New South Wales probity hearings, there are growing doubts that Crown Resorts will receive the green light from regulators to open Crown Sydney in December as planned. It may also leave the firm’s more vulnerable to an ongoing class-action lawsuit.
Operators of Australia's slot parlours are more optimistic about recovery now than in July, as revenues have improved, according to J.P. Morgan's 11th annual slot survey.