Australia inquiry urged to strip Crown Resorts of Melbourne casino licence
Photo: Crown Resorts
By Byron Kaye
July 20, 2021
Australian casino operator Crown Resorts Ltd should be stripped of the gambling licence for its main Melbourne resort due to insufficient and uncertain efforts to reform its culture and stamp out money laundering, an inquiry heard on Tuesday.
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Blackstone currently has a 10% stake in Crown which it bought from Melco in April last year.
An entity controlled by Blackstone bought about 67.7 million of its shares from Macau casino operator Melco Resorts.
Australian gaming watchdog to review Melco’s $1.2b Crown Resorts stake purchase
The move follows local media reports that Crown flouted rules to lure big Chinese gamblers to Australia.
Wynn, the world’s No. 2 casino operator, scrapped preliminary talks to buy Crown for A$10 billion in early April.
