Earlier today, Crown Resorts revealed that it is focused on starting the operation of its new Sydney-based resort early in 2022. If such a move is approved by the authorities, the Australian gambling giant, which is now working in a collaboration with the state’s gambling regulatory body to address its past governance failures and become suitable to holding its Barangaroo casino licence again, will be able to start offering gambling services at the Sydney resort over a year after it opened.
The Barangaroo casino of Crown Resorts is part of a tower complex that started operation in December 2020. However, at the time, the Australian casino company was not allowed to start offering any gambling services at the casino, because the Independent Liquor and Gaming Authority (ILGA) suspended its operating licence right before the official opening of the resort in late 2020 following allegations that it had facilitated some illegal criminal activities, including money laundering.
Now, after Crown Resorts brought significant changes to its leadership and board, it remains hopeful to be able to open the Sydney-based resort’s gaming floor early in 2022. The announcement was made by the company in notes that were part of an analyst presentation that took place at the AU$2.2-billion waterfront facility.
According to the ILGA in New South Wales (NSW), the Australian gambling operator has made good progress on a number of governance reforms and it was now collaborating with the authorities to move towards an official opening of the Barangaroo casino opening early in 2022.
Crown Resorts Remain Open to New Takeover Bids Although Rejecting Blackstone’s AU$8.46-Billion Offer
As Casino Guardian reported, a number of public inquiries were triggered by a few media reports in 2019. The investigations found the Australian casino giant unfit to hold gambling licences for its casinos in Sydney and Melbourne and called for significant changes in its corporate structure and culture. The Royal Commission that was created to carry out the inquiry into Crown Perth is yet expected to deliver its findings.
The company revealed that it had seen an improvement in its business in the last few weeks, and over the weekends, in particular, thanks to the Australian Government’s decision to relax the coronavirus pandemic-related restrictions. Still, the casino operator warned that its annual corporate costs would be higher than the ones in 2019.
The non-gaming operations at the Barangaroo complex of Crown Resorts resumed operations to fully vaccinated staff members and visitors in October. Since then, it has enjoyed strong demand for its food and beverage offerings. Hotel occupancy had also gotten better. As mentioned above, the gaming floor of the complex is still closed following the probe by the ILGA that found the Australian gambling company unfit to hold its Sydney casino licence.
Recently, the Australian gambling giant rejected a buyout offer from Blackstone Group Inc but still allowed the US private equity firm to conduct due diligence. Now, the company gave little away about the negotiation talks with Blackstone but made it clear that Crown Resorts remains open to other prospective partners and opportunities for further growth.
The company’s CEO Steve McCann shared that Crown Resorts was willing to maximise the value for a potential sale and referred to the unsuccessful AU$8.46-billion takeover bid of Blackstone that was rejected as too low.
- Author
Olivia Cole
