New South Wales Independent Liquor and Gaming Authority (ILGA) has approved a new license that will allow Crown to open its Sydney casino located in the waterfront district of Barangaroo.
Conditional license will run for a two-year period
The regulator approved a conditional license that will place strict restrictions on the company’s gaming activities at the Sydney location that must be met for an initial two-year period. If Crown can prove that it can stay within the conditions for that period, the conditional license will convert to a regular gaming license. The new license is expected to be ratified by a state cabinet on Monday.
Under the conditions of the new license, Crown would be allowed to open a VIP gaming floor to high-rollers. The decision comes despite previous findings by the NSW Bergin Inquiry in early 2021 stating that the company was unfit to hold a casino license.
The ILGA also gave its approval to the $8.9 billion (€5.6 billion) sale of Crown to US investment fund Blackstone.
One of the conditions of the new license will see an independent regulator oversee all of the Sydney casino’s operations with a particular focus on anti-money laundering protocols. This condition is as a result of previous troubles at Crown’s properties in Melbourne and Perth. Earlier this week the company was fined AU$80 million (€53.4 million) for running a scheme that allowed gamblers and customers to make illegal transfers of funds from China.
In May, the Western Australian Commission also found that Crown’s Perth casino engaged in similar illegal activities resulting in a decision that the company was unfit to hold a casino license in the region.
Crown’s main gambling competitor in Sydney, Star Entertainment is also under investigation after being accused of allowing money laundering at its Sydney casino.
Image credit: Paolo Rosa / CC BY-NC-ND 2.0
Gambling industry journalist with a background in online poker and trading. Covering the regulated U.S Sports industry and the exciting world of online poker.