Crown Sydney Gets Conditional License Approval From NSW Regulator
Summary
- Crown Sydney has finally got approval to open its Sydney casino
- NSW regulator has issued a conditional casino license
- The conditional license will expire on Dec 31, 2023
Australia’s biggest casino operator Crown Resorts spent $4.2 billion to open its Barangaroo casino in Sydney, New South Wales (NSW).
However, due to Crown Resort’s many shortcomings and regulatory breaches, the Independent Liquor and Gaming Authority (ILGA) decided to suspend its Barangaroo casino license and only allow Crown to open the non-gaming part of the Sydney Casino.
Crown Sydney worked hard for the last 12 months under the guidance of a state appointed chairperson Philip Crawford who was responsible for overseeing the changes that casino operator made.
Crawford told the ILGA that Crown Resorts made significant structural changes to its organization, changed its entering gaming model and has made big strides to focus on complying with gaming regulations, anti-money laundering laws and improving its corporate culture.
Crawford’s backing was good enough for the ILGA to grant Crown Sydney a conditional casino license that will run till Dec 31, 2023. If Crown Sydney complies with all of its license requirements during this period, the operator should have no problem getting its license period renewed.
Crown Sydney Will Work Closely With ILGA
Crown Resorts informed the Australian Securities Exchange on June 22 that it had received a conditional license from the ILGA that will allow them to open its casino floor. The gaming floor is initially expected to have 160 gaming tables and a VIP section that will have 70 electronic tables. The gaming floor will also feature two private gaming rooms and 18 private gaming salons.
Crown Resorts MD and CEO, Steve McCann said that they had collaborated with the ILGA during the last 15 months to put in place the right measures that will allow them to launch Crown Sydney casino operations. McCann said that after they launch their casino operations they will continue to work closely with the ILGA to ensure that the gaming regulator is aware that Crown Sydney offers its players a safe and responsible gaming environment and is suitable to run a licensed casino.
It looks like things are finally going in the right direction for Crown Resorts as last week the Federal Court approved its A$8.9B acquisition by Blackstone Inc.
David WalkerAuthor
David is our resident 'down under' contributor, letting us know what is going on in the southern hemisphere, he is also keen blackjack player
