Crown Resorts has finally received conditional approval to open its Barangaroo waterfront casino in Sydney, 16 months after the gambling operator has been found unsuitable to hold an operating permit for the venue.
Earlier today, the New South Wales’ (NSW) Independent Liquor and Gaming Authority (ILGA) officially allowed to company to open its Barangaroo casino but noted that it will continue to closely monitor the venue’s operations.
As Casino Guardian previously reported, in 2021, the ILGA found Crown Resorts unsuitable to hold a gaming licence for its Barangaroo casino following an extensive public inquiry that confirmed allegations of money laundering, poor governance practices and criminal infiltration into the Australian gambling giant’s operations.
Now, Philip Crawford, the chair of the NSW gambling regulatory body, shared that Crown Resorts had managed to rebuild its gaming model as a result of deep structural changes associated with anti-money laundering, governance and corporate culture. He confirmed that the ILGA was pleased to have reached a stage where the Australian casino and gambling giant was finally allowed to open and operate its Barangaroo casino on a conditional basis. Mr Crawford, however, explained that the regulator granted a conditional casino licence only because it had still not found Crown Resorts fully suitable to hold such a permit on a permanent basis.
ILGA Granted Only Conditional Approval for the Operation of Crown Sydney
ILGA’s chair further noted that the conditional licence that has just been given to Crown Resorts to operate its Barangaroo casino would allow the regulatory body to keep a very close eye on the gambling company’s operations. Mr Crawford shared that, for the time being, the watchdog could not issue a complete, unfettered licence to the operator because Crown Resorts was still not found suitable.
Steve McCann, the CEO and managing director of Crown Resorts shared that the company could finalise the Barangaroo casino opening plans and details about the official opening of the casino would be announced shortly. As explained by Mr McCann, the gambling company had spent the past 15 months proving to the NSW Independent Liquor and Gaming Authority that it had implemented the right measures in order to get the green light and open its gaming facilities in Sydney’s Barangaroo waterfront casino.
Back in 2021, Crown Resorts made some commitments with the state’s regulator in a bid to open the casino resort. The measures included payment of a portion of the costs made for last year’s inquiry, paying a casino supervision levy, ending all of its partnerships with foreign junket operators, discontinuing indoor smoking practices, as well as adopting a cashless gaming model.
The initial decision of the state’s gambling regulatory body blocked the casino operations of the Barangaroo resort from opening. At the time, only the accommodation and dining options available at the Crown’s skyscraper were allowed to operate.
As Casino Guardian already reported, the ILGA has also given operating approval to Blackstone for its proposed acquisition of Crown Resorts as of June 24th. Earlier in June, the Federal Court gave the green light to the proposed AU$8.9-billion takeover deal of the US private equity group, which would hand an AU$3.3-billion payday to the billionaire investor of Crown Resorts, James Packer, in return for his 37% stake in the company.
- Author
Daniel Williams
