The Victorian Gambling and Casino Control Commission (VGCCC) is currently working on what it considers a “Plan B” in an effort to make sure that Crown Resorts’ casino in Melbourne is allowed to continue operation in case the Australian gambling giant is found unsuitable to hold its casino licence.
In an interview with Inside Asian Gaming, the VGCCC chief executive officer Annette Kimmitt explained that the gambling regulatory body of the state has established the implementation of a strategic plan for the worst case scenario associated with the venue as a paramount priority, while it is preparing to make its final decision on the company’s suitability to hold its operating permit early in 2024.
As previously reported by Casino Guardian, Crown Melbourne has been put under a special supervision regime while remaining operational. Market analysts have shared expectations that the Victoria-based casino property would be restored to full operations early in 2024 but before that happens, the local regulator – the Victorian Gambling and Casino Control Commission – would have to first make a decision on Crown Resorts’ suitability to keep its casino licence.
As Ms Kimmett revealed, the gambling regulatory body has made sure that the Crown Melbourne property remains operational even if the iconic Australian gambling company is no longer considered fit to hold a casino licence, and described that as a Plan B. The CEO of the VGCCC rejected some media speculation that “Crown Resorts was just too big to fail” and noted that failure was an option, even though the watchdog would make an effort to find a way and move past even the worst case scenario.
Crown Melbourne to Remain Subject to Special Monitoring Regime until Early 2024
As mentioned above, for the time being, Crown Melbourne is still subject to a special monitoring regime that is carried out by a special manager and would continue to operate like that until the following year, when the Victorian gambling regulator is set to announce a final decision on its suitability to hold a casino permit. Recommendations to the VGCCC are set to be made by Stephen O’Brien, who currently supervises the gambling operator’s remediation efforts, at the end of 2023 to help the watchdog come to a conclusion and make a decision.
As Ms Kimmett shared in her interview with Inside Asian Gaming, the gambling regulator of the state of Victoria and Crown Resorts have already started considering and discussing what she described as a “transition-out plan”. The latter will be enforced in case the gambling giant is found unfit to hold its Melbourne casino permit in order to make sure that the casino jobs remain intact and the property remains operational, as it is currently a crucial part of the state’s economy.
Crown Resorts was given a two-year window to make sure it returns to suitability. Ms Kimmett confirmed that the company is still cooperating with the investigation of the VGCCC. She further praised the company for its efforts to return to suitability and said she was impressed by the work done both by Crown Resorts and its new owner, the US private equity company the Blackstone Group in making things right by addressing the past mistakes of the operator.
According to the boss of the Victorian Gambling and Casino Control Commission, Blackstone had managed to sign up to a higher bar of expectations after taking over Crown Resorts, as the new owner of the Australian gambling giant is doing its best to restore the company’s reputation with the state’s gambling watchdog and continue business beyond 2024.
- Author
Olivia Cole
