• Subscribe
  • Magazines
  • About
  • Contact
  • Advertise
Sunday 18 May 2025
  • zh-hant 中文
  • ja 日本語
  • en English
IAG
Advertisement
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
No Result
View All Result
IAG
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
No Result
View All Result
IAG
No Result
View All Result

Crown’s NSW casino license unlikely to be revoked but suspension possible: JP Morgan

Ben Blaschke by Ben Blaschke
Wed 30 Sep 2020 at 07:03
Crown Resorts positioned to absorb expected slow start for VIP-facing Crown Sydney casino: Fitch

Crown Sydney

63
SHARES
1.6k
VIEWS
Print Friendly, PDF & Email

JP Morgan analysts Donald Carducci and Abhinay Jeggannagari say it is unlikely that Crown Resorts will have its NSW casino license revoked at the conclusion of a regulatory inquiry into its suitability to hold a casino license, although a temporary suspension is on the cards.

According to a Tuesday note, there will almost certainly be financial ramifications for Crown, which last week suspended all junket play until 30 June 2021 following evidence given by its CEO Ken Barton admitting the company had little knowledge of cash deposits and transfers taking place inside Crown Melbourne junket rooms.

The inquiry, being conducted by the NSW Independent Liquor and Gaming Authority, is due to hand down its suitability findings by 1 February 2021 – less than two months after Crown opens its AU$2.2 billion high roller casino, Crown Sydney.

Despite a series of explosive headlines over the past week resulting from the inquiry, Carducci and Jeggannagari stated in Tuesday’s note, “We do not believe anything beyond a temporary suspension will eventuate, as the company has stated it will undertake a comprehensive review of processes related to junket operators and create a Head of Compliance and Financial Crimes role.

“Given the 2014 Financial Deed Terms (and potential impacts to its Victoria and Western Australia licenses), the removal of an NSW license seems highly unlikely, in our view.”

The analysts note that there are multiple potential outcomes from the inquiry and it is unlikely that no action against Crown will be taken. Other options include a requirement that Crown takes direct action to address internal compliance issues – something that is already underway – or new conditions being applied to the company’s NSW casino license.

As previously reported by Inside Asian Gaming, such conditions could see Crown entitled to compensation of at least AU$200 million and potentially much, much more unless the license is terminated outright.

Carducci and Jeggannagari noted that the opening date of Crown Sydney, currently pegged for 14 December, could be impacted by the inquiry.

RelatedPosts

Bally’s Chairman Soo Kim talks after deal sealed to acquire Australia’s Star Entertainment

Bally’s Chairman Soo Kim talks after deal sealed to acquire Australia’s Star Entertainment

Wed 9 Apr 2025 at 06:16
Trade union warns massively increased casino pokies tax in NSW will cost jobs

Pub baron Bruce Mathieson agrees additional AU$100 million Star investment, reduces Bally’s contribution to AU$200 million

Wed 9 Apr 2025 at 05:40
10 years ago: China Syndrome

Bally’s acquisition of Star described as risky with likely need for further capital investment

Tue 8 Apr 2025 at 06:18
Death by a thousand cuts

Star Entertainment Group agrees AU$300 million rescue deal with Bally’s

Mon 7 Apr 2025 at 13:23
Load More
Tags: Abhinay JeggannagariAustraliaCrown MelbourneCrown ResortsCrown SydneyDonald CarducciinquiryJP MorganNSW Independent Liquor and Gaming Authority
Share25Share4
Ben Blaschke

Ben Blaschke

A former sports journalist in Sydney, Australia, Ben has been Managing Editor of Inside Asian Gaming since early 2016. He played a leading role in developing and launching IAG Breakfast Briefing in April 2017 and oversees as well as being a key contributor to all of IAG’s editorial pursuits.

Current Issue

Editorial – The real reason Philippines casino revenues are down

Editorial – The real reason Philippines casino revenues are down

by Ben Blaschke
Sun 30 Mar 2025 at 23:04

After enjoying a post-COVID surge in gaming revenues at its licensed casinos, the Philippines has hit a rocky patch. In...

Inside Thai IRs

Inside Thai IRs

by Andrew W Scott and Ben Blaschke
Sun 30 Mar 2025 at 22:59

No time to read this whole article? Here are the bullet points! With passage of Thailand’s Entertainment Complex Bill through...

Resorts World Las Vegas – Lighting up the north

Resorts World Las Vegas – Lighting up the north

by Andrew W Scott and Ben Blaschke
Sun 30 Mar 2025 at 22:52

Inside Asian Gaming recently visited Genting’s American icon Resorts World Las Vegas to take a closer look at a property...

A baccarat perspective

A baccarat perspective

by Ryan Hong-Wai Ho
Sun 30 Mar 2025 at 22:37

In the first of a two-part series, Ryan Ho explores how gaming innovations and market changes have shaped the prominence...

Evolution Asia
Aristocrat
GLI
Mindslot
Solaire
Hann
Tecnet
Nustar
Jumbo

Related Posts

Bally’s Chairman Soo Kim talks after deal sealed to acquire Australia’s Star Entertainment

Bally’s Chairman Soo Kim talks after deal sealed to acquire Australia’s Star Entertainment

by Newsdesk
Wed 9 Apr 2025 at 06:16

Star Entertainment Group confirmed Monday it had entered into a binding term sheet with US casino operator Bally’s Corp to take control of the company as part of a US$300 million (US$180 million) deal. The term sheet, comprising a multi-tranche...

China-owned contractor of Chow Tai Fook’s Baha Mar ordered to pay US$1.6 billion to original owner for “many acts of fraud”

New York appellate court dismisses China Construction America’s appeal in US$1.6 billion Baha Mar fraud case

by Ben Blaschke
Wed 9 Apr 2025 at 05:59

A New York court has dismissed an appeal by China Construction America, Inc (CCA) against a Supreme Court ruling in October requiring it to pay US$1.6 billion to the original owner of Bahamas casino resort Baha Mar for committing “many acts...

Trade union warns massively increased casino pokies tax in NSW will cost jobs

Pub baron Bruce Mathieson agrees additional AU$100 million Star investment, reduces Bally’s contribution to AU$200 million

by Ben Blaschke
Wed 9 Apr 2025 at 05:40

Star Entertainment Group’s largest individual shareholder Investment Holdings Pty Ltd has entered into a binding term sheet with US casino operator Bally’s Corp that will see it subscribe for AU$100 million (US$60 million) in convertible bonds, reducing in the process...

RWLV names former MGM executive Greg Shulman as EVP of International Marketing

RWLV names former MGM executive Greg Shulman as EVP of International Marketing

by Newsdesk
Wed 9 Apr 2025 at 05:35

Genting Group’s US flagship Resorts World Las Vegas (RWLV) has announced the appointment of casino industry veteran Greg Shulman as Executive Vice President of International Marketing. Continuing the property’s recent management overhaul, RWLV said Shulman will lead its international casino...



IAG

© 2005-2024
Inside Asian Gaming.
All rights reserved.

  • SUBSCRIBE FREE
  • NEWSFEED
  • MAG ARTICLES
  • VIDEO
  • OPINION
  • TAGS
  • REGIONAL
  • EVENTS
  • CONSULTING
  • CONTRIBUTORS
  • MAGAZINES
  • ABOUT
  • CONTACT
  • ADVERTISE

No Result
View All Result
  • Subscribe
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
  • Events
  • Contributors
  • Magazines
  • Advertise
  • Contact
  • About
  • Home for G2E Asia

© 2005-2024
Inside Asian Gaming.
All rights reserved.

  • English