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  4. Crown Resorts gets conditional nod to open gaming operations in Sydney
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Crown Resorts gets conditional nod to open gaming operations in Sydney

(Reuters) -New South Wales' gaming regulator said on Wednesday it has given Crown Resorts conditional approval to open its gaming operations at its casino in Sydney, days after...
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(Reuters) -New South Wales' gaming regulator said on Wednesday it has given Crown Resorts conditional approval to open its gaming operations at its casino in Sydney, days after its $6.3 billion acquisition by Blackstone (NYSE:BX) Inc received court approval.

The Sydney casino, part of a 75-floor tower complex which opened in December 2020, had its licence suspended by the Independent Liquor and Gaming Authority (ILGA) just before opening in late 2020 following media reports of its alleged dealings with organised crime groups.

The ILGA, which oversees Crown's Sydney licence, said it is now "pleased to have reached a stage where Crown can open its casino operations on a conditional basis."

Crown's CEO Steve McCann said, "We will now finalise our opening plans and look forward to shortly announcing the details and timing of our launch."

Crown added that it will continue to work with the ILGA on the reform program to showcase their suitability as a casino operator.

A representative of Blackstone declined to comment.

"Given the need to observe the changes in operation as well as ensure changes are embedded in the business, the Authority will consider approval of Crown's suitability until the end of the conditional gaming period, which could run between 18 months and two years," ILGA chairperson Philip Crawford said.

He added that Crown was required to implement stringent measures to prevent money laundering and criminal infiltration in its business model.

Crown's Melbourne resort remains under government supervision.

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01-05-2024 10:45:17 (UTC+7)

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 EUR/USD1.0658↑ Sell
 GBP/USD1.2475↑ Sell
 USD/JPY157.91↑ Buy
 AUD/USD0.6469Neutral
 USD/CAD1.3780↑ Buy
 EUR/JPY168.32↑ Buy
 EUR/CHF0.9808Neutral
 Gold2,295.80↑ Sell
 Silver26.677↑ Sell
 Copper4.5305↑ Buy
 Crude Oil WTI81.14↑ Sell
 Brent Oil85.62↑ Sell
 Natural Gas1.946↑ Sell
 US Coffee C213.73↑ Sell
 Euro Stoxx 504,920.55↑ Sell
 S&P 5005,035.69↑ Sell
 DAX17,921.95↑ Sell
 FTSE 1008,144.13Sell
 Hang Seng17,763.03↑ Sell
 Small Cap 20001,973.05↑ Sell
 IBEX 3510,854.40Neutral
 BASF49.155↑ Sell
 Bayer27.35↑ Sell
 Allianz266.60↑ Sell
 Adidas226.40↑ Sell
 Lufthansa6.714Neutral
 Siemens AG175.90↑ Sell
 Deutsche Bank AG15.010Neutral
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