Crown (ASX:CWN) granted liquor license renewals

Company News

by Michael Luu

Scandal-hit casino operator Crown Resorts (ASX:CWN) has successfully extended three interim liquor licenses for its alcohol-serving hospitality venues at the company’s Sydney operations, according to today's announcement from the NSW Independent Liquor & Gaming Authority (ILGA).

The license renewals are considered a step towards Crown Sydney’s recovery, after the Bergin Inquiry’s incriminating findings dealt a heavy blow to the gambling giant’s $2.2 billion tower’s casino opening in Sydney. Evidence suggesting involvement in money laundering and compromised legal integrity in Melbourne and Perth rendered the gambling giant unsuitable to hold a NSW casino license

The 37% James Packer-owned company is currently undergoing vigorous reforms, after the departures of five board directors and a chief executive. Crown appointed Sky City’s former deputy chairman Bruce Carter as a new board director to apply his experience from state and federal government inquiries to the process of restoring its IGLA casino license.

Asked to comment on Crown’s changes and the possibility for its Sydney tower to resume the plan to open the gaming and gambling floor, IGLA responded, “It will take time for Crown to fully implement that change and for the Authority to give it proper consideration before determining the most appropriate course of action.”

The $8.7 billion owner of gambling venues attracted American alternative investment manager Blackstone to table an $8 billion takeover offer in March, pending legal clearance for all Crown casino operations.

Shares in Crown Resorts (ASX:CWN) are trading 0.08 per cent lower at $12.05

 

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