Crown Resorts is set to challenge the Australian tax authority’s treatment of Crown’s since-abandoned North American expansion plans.
In 2016, Crown was slapped with a US$270 million tax bill – made mostly of back taxes and penalties from the 2009 and 2014 financial years.
At the time, Crown said it considered it had paid the correct amount of tax, and said it would, if necessary, pursue court proceedings to the amended assessments.
In May, the Australian Tax Office (ATO) dismissed Crown’s objection to the bill, disputing the operator’s treatment of its since-abandoned North American expansion.
The company is due to argue its position n a Melbourne court on August 31.
From India to Australia, casinos across the Asia Pacific region have closed their doors in response to efforts to combat the spread of the coronavirus, with little to no visibility at present as to the evolution of the situation.
Crown Resorts is under growing pressure to delay its planned December opening of its Sydney casino until after the New South Wales Independent Liquor and Gaming Authority decides on its suitability to hold a license.
Fitch Ratings has revised its ratings outlook on Crown Resorts to negative from stable due to ongoing regulatory probes, but said it doesn't think the operator will lose its license.
Billionaire James Packer used his 36 percent share to protect the board of Crown Resorts and to largely save it from immediate accountability in the face of the dissatisfaction of many smaller shareholders.
J.P. Morgan said it has raised its FY21 estimate for Star Entertainment Group's EBITDA by 10.7 percent due to stronger revenue from Queensland and better margins. However, it has downgraded the stock from overweight to neutral with a price target of A$3.50.
Credit Suisse believe it's time to examine the possibility of a Crown-Star tie up in light of both companies' reduced revenue from the pandemic and China's clampdown on overseas gambling activities.
Crown Resorts' former Chairman Robert Rankin may be referred to Australia's Securities and Exchange Commission for failing to protect the company's staff in China, a suitability trial in Sydney heard.
Crown Resorts says an agreement that allows its major shareholder to receive confidential information from the company has been terminated. Also, axed is an accord for Crown to request services from Consolidated Press Holdings at predetermined hourly rates.
While it may be the executives of Crown Resorts that are squirming in their chairs under questioning these past weeks at the Sydney probity hearings, the revelations are also casting a harsh light upon the failures of the regulators in a neighboring state, the VCGLR.
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."