Australian casino giant Crown Resorts Ltd is unsuitable to hold a gambling licence for its flagship new Sydney resort unless it makes sweeping changes to its board and culture, according to a highly critical report by an industry regulator.
The report, published on Tuesday, followed a year-long inquiry commissioned by the New South Wales state gambling watchdog that aired allegations of widespread money laundering and governance failures at Crown.
The findings deal a blow to Crown’s hopes that it might soon open the casino in the A$2.2 billion ($1.70 billion) Sydney waterfront tower it has spent almost a decade building while putting pressure on other state regulators to scrutinise its operational gambling facilities elsewhere in the country.
The original full article can be found at reuters.com
(Photo: Bloomberg)
