Good morning. Crown Resorts is anticipating harsh penalties in the wake of investigations into its misconduct, with $412 million set aside for possible fines. This comes as the group reported a $632 million loss in its financial year. The Star is also facing woes, as AUSTRAC has served it with a statement of claim, although the amount is not defined. In Macau, Alvin Chau’s defense claims that possible gains from illegal proxy betting would not outweigh the risk, as the group’s legitimate business was booming.
What you need to know
- Crown Resorts’ regulatory woes cause it to fall to a $632 million loss in its financial year, with $412 million set aside for possible fines.
- The Star has been leveled with a statement of claim by AUSTRAC, courts set to decide how much the group should pay for contravening AML/CTF laws.
- Alvin Chau’s defense claims that proxy betting revenue would be so low compared to its other income that it wouldn’t make sense for illegal activity.
On the radar
- Macau sees drop in gaming-related crime in first nine months of 2022.
- Number of employees in Macau gaming sector falls in 2Q22.
- Genting Malaysia Berhad confirms its Macau bid unsuccessful.
- Shareholders approve Landing name change to Shin Hwa World.
Crown Resorts has set aside $412 million to deal with expected penalties over its misconduct, driving the group’s $632 million loss during the financial year. In its first results announcement since being taken over by Blackstone Group, the group’s revenue was up by 26 percent, but operating earnings were negative $468 million.
- BetMGM named American Gambling Awards Online Casino of the year.
- BET99 addition further strengthens global betting integrity body IBIA.