Crown Resorts has temporarily halted its partnerships with VIP gaming promoters, effective immediately. This cessation will remain in place until June 30, 2021, providing Crown the opportunity to meticulously examine its procedures for collaborating with these high-stakes intermediaries. This choice follows a public inquiry by the Independent Liquor & Gaming Authority of New South Wales, where apprehensions were voiced regarding Crown’s internal safeguards, specifically concerning anti-money laundering protocols and overall openness.
Crown maintains that this suspension of VIP gaming promoter activities is merely one element of a more extensive internal assessment of its compliance and governance frameworks. A new leader is also on the horizon, as Crown intends to designate a fresh executive to oversee its compliance and financial crime unit.
Notwithstanding these obstacles, Crown is proceeding with the grand unveiling of its flagship integrated resort in Sydney, scheduled for approximately December 14th of this year. When the venue opens its doors, high-stakes players will be welcomed by 12 exclusive private gaming rooms containing a total of 30 gaming tables. For patrons who favor a less restricted environment, an supplementary 129 tables and 66 electronic table game terminals will be distributed across two distinct gaming zones. While Crown endeavors to rectify its practices, it is noteworthy that the VIP segment has constituted roughly 7% of its normalized earnings before interest, taxes, depreciation, and amortization over the preceding five years.
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