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Crown casino troubles result in Melco not buying James Packer’s shares

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NSW to Resume Investigation into Crown Resorts
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Lawrence Ho and his Melco Resorts have decided to keep their plans to purchase shares of the Crown casino on hold, while the scandal and the investigation on the illegal activities of the casino remain under question. The Hong Kong casino magnate was supposed to purchase James Packer’s shares of the crown casino in order to start expanding their portfolio into a more international one. But, with the ongoing investigation, they have decided to put the plans on hold until further notice.

The Hong Kong side has also said that the trade could be altogether canceled if the investigation results in the decision that the trade deal between the two sides would be unacceptable.

The announcement was made on Wednesday and has been one of the many results of the investigation spearheaded by a number of media companies within Australia. The investigation uncovered that Crown casino was involved with junket companies that are backed by Asian crime gangs and Chinese foreign influence agents. This has caused the launch of an investigation by the NSW Independent Liquor and Gaming Authority and is releasing terms of reference. While the investigation into Crown casino and its operations continue, there is seemingly no negative effect on the industry in general. The demand for Australian casino games is growing, and the industry remains as healthy as always, despite the investigation. But there are certain deals and aspects outside of Australia that the investigation will be concerning.

Within the context of this illegal operation, the sale of the stakes has come under investigation as well. Within the context of the investigation, the father of Melco’s owner, Stanley Ho is under suspicion of having ties to Asian gangs and that the sale might be related to the illegal junket operations. Melco had agreed to the purchase of a stake that is worth around $1.7 billion, with the first 10 percent transfer happening before September 30th.

The current effects of the fallout

The Melco Resorts company has released a statement on the Nasdaq exchange. In the statement the company said that it had agreed with Consolidated Press Holdings to extend the possibility of the deal going through by another 60 days. A representative from CHP announced that they did not consider there was much a breach of an agreement or any law broken. According to them, all of the steps that they had agreed on with Melco had already been taking. But the agreement also has clauses that would result in the deal not going through at all.

Melco did not specify what they would be doing with the 10 percent that they had already purchased from Crown, but the situation might be complicated for them already.

When Crown was granted the license to create their $2 billion casinos by 2021 in Sydney, the casino was given a list of individuals and casinos that it would not be allowed to work with. Stanley Ho, the owner of Melco, was one of the individuals that were part of the original list. The list was made public recently and includes a casino that Stanley Ho owns, and Crown casino has dealt with extensively.

One more company that Crown was not allowed to interact with, the Great Respect Limited, is a 20 percent owner of Melco International. That is the company the Mr. Ho is the chair of, and which has a controlling stake in Melco Resorts, which is the one purchasing stake in Crown. This has put the entire company in a very precarious situation.

The current inquiry is thus important in determining the extent to which the company has managed to breach the terms of the agreement, beyond simply breaking the law. There is no specific time frame for the investigation.

Melco and Crown have been partners in the past, but the partnership was canceled after 19 individuals of the Crown staff were arrested on gambling-related charges.

The two companies were planning to increase their partnership further, but for now, the deal is on hold. It seems that James Packer is to remain the largest shareholder of the casino for now.

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Australia

Crown Approved to Retain its Melbourne Licence

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Crown Approved to Retain its Melbourne Licence
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The Victorian Gambling and Casino Control Commission (VGCCC) has ruled Australian casino giant Crown Resorts can keep its Crown Melbourne casino licence.

The full Commission decided that Crown Melbourne has addressed the failings identified by the 2021 Royal Commission into the Casino Operator and Licence.

Commission Chair Fran Thorn said that the Royal Commission detailed how Crown Melbourne had breached its legal, social and moral obligations, resulting in illegal activities, tax avoidance, money laundering, criminal associations and significant harm to vulnerable community members, ultimately finding Crown Melbourne unsuitable to hold the Melbourne Casino Licence.

“Despite the enormity of its findings, the Finkelstein Royal Commission recommended Crown be permitted to continue operating under stringent independent oversight conditions for two years, determining it had the will and capacity to transform itself to again become suitable, which would be to Victoria’s benefit,” she said.

The Victorian Government responded decisively to the Royal Commission’s findings, appointing a Special Manager to oversee Crown Melbourne’s operations and remediation. It also established the VGCCC as a new regulator focussed solely on the gambling industry and created a specific set of enhanced powers with respect to the Melbourne casino.

The Commission was given the responsibility of deciding whether it was clearly satisfied that Crown Melbourne had returned to suitability and whether the Melbourne Casino Licence remained in the public interest. In making its independent determination, the Commission carefully considered the reports of the Royal Commission and other relevant inquiries, the reports of the Special Manager. Those reports considered the steps Crown Melbourne had taken to address the matters identified by the Royal Commission and the measures to ensure they would not be repeated.

Commissioner Thorn said the Special Manager’s final report concluded that Crown Melbourne has remediated the failings exposed in the Royal Commission and established the critical foundations needed to achieve sustainable overall transformation in coming years.

“There was no evidence of maladministration or illegal or improper conduct indicative of the serious and systemic failures previously identified by the Royal Commission, and these failings had been addressed,” she said.

Commissioner Thorn said that Crown Melbourne had demonstrated to the satisfaction of both the Commission and the Special Manager that it had introduced extensive reforms to prevent or reduce gambling harm, financial crime and money laundering. It has also addressed systemic risk management failures and strengthened its integrity framework.

“During our investigations, we observed a different Crown Melbourne emerging with a clear understanding of the privilege and obligations of holding the Melbourne Casino Licence,” she said.

The Commission’s decision was also supported by Crown Melbourne’s comprehensive transformation plan, required by the Special Manager, against which it will continue to be held accountable going forward.

“That transformation plan will be at the heart of our oversight, along with Crown’s legal and social obligations, and provides the next level standard for Crown Melbourne. The Commission will require Crown Melbourne to deliver further transformation through a statutory direction that will be issued shortly,” she said.

Along with the VGCCC’s strengthened oversight regime and enforcement powers, the VGCCC has established a new, specialist Casino Division providing confidence that Crown Melbourne will be held stringently accountable in the future, including for its ongoing transformation.

Commissioner Thorn said: “In return for the privilege of an exclusive licence, Victorians have a right to expect that Crown Melbourne will never again prioritise profit ahead of the safety and wellbeing of its patrons and staff or over compliance with its legal and social obligations.

“Crown Melbourne must continue to seek to rebuild and earn public trust by demonstrating the good character, honesty and integrity that are necessary to remain a suitable casino operator. We put Crown on notice that this Commission will not hesitate to act if the privilege of holding the casino licence is again abused.”

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Australia

BetMakers CFO Anthony Pullin Resigns

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BetMakers CFO Anthony Pullin Resigns
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BetMakers Technology Group has announced the resignation of its Chief Financial Officer (CFO) Anthony Pullin.

Pullin had been with BetMakers for over five years and has played a key part in helping with the business’ growth and development, according to the company.

The outgoing CFO’s last day will be on Wednesday 27 March 2024, with the process said to be already underway to employ a replacement for Pullin, with BetMakers set to provide a market update on the matter shortly.

In the meantime, BetMakers Group Financial Controller, Warrick Van Der Merwe, will act as the interim CFO. Van Der Merwe has been with the company for around three years and previously led the Australian and Group financial reporting teams, reporting directly to Pullin.

Jake Henson, CEO of BetMakers, said: “We thank Anthony for his significant contribution to BetMakers. Over the past 5 years Anthony has been a valued senior team member, adding financial rigour to our business.

“He leaves BetMakers in a strong position, with the foundations now in place for the Company to achieve profitability. We wish Anthony all the very best for his future endeavors where I have no doubt he will be an extremely highly valued team member.”

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Australia

Rabbitohs and Bulldogs Pledge Three More Years to Tackle Sports Betting Advertising

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Fans of the South Sydney Rabbitohs, Canterbury-Bankstown Bulldogs and the NRL will enjoy more games with less sports betting advertising thanks to extended partnerships with the New South Wales government’s Reclaim the Game initiative that will see commitments from both clubs continue for another three years.

Both extensions come after two successful years partnering with Reclaim the Game, with meaningful contributions made to changing attitudes towards sports betting across their respective communities.

The 2023 Reclaim the Game survey shows that Rabbitohs and Bulldogs supporters are now much more aware of where to seek support for issues with gambling.

Since forming the partnerships, members and fans have shown a marked increase in awareness of GambleAware services, with around one in three Rabbitohs and Bulldogs supporters now aware of the dedicated website and helpline.

To continue their stance against betting advertising, both clubs agree to not display betting ads at their home games, to promote Reclaim the Game through their communication channels and continue to educate players, staff and fans about gambling risks.

The Rabbitohs and Bulldogs go head-to-head this Friday, March 29, at Accor Stadium Homebush.

Since launching in 2020, the New South Wales government’s Reclaim the Game program has been a huge success, now boasting eleven partners across five codes including AFL, A-League, cricket, NBL and NRL. Through the support, the initiative has reached millions through more than 260 games, both on television and in stadiums. For more information visit: www. Gambleaware. nsw. gov. au/resources-and-education/awareness-campaigns/reclaim-the-game. If you or someone you care about needs support or advice, please call GambleAware on 1800 858 858 for free and confidential help and support 24/7.

“NRL games draw huge crowds and receive extensive media coverage,” the Director of the Office of Responsible Gambling, Alison Parkinson, said. “The NRL is highly intertwined with betting advertising and sponsorships, increasing the risk of gambling harm among fans. The Rabbitohs and Bulldogs have been pioneers against the saturation of betting ads in the NRL, helping to make their game days a family-friendly experience.

“Family traditions often shape support for a club and attitudes towards gambling can also be passed down through generations. We are pleased to see the Rabbitohs’ and the Bulldogs’ commitment to addressing this issue, highlighting the potential harms that gambling can cause individuals, families and society.”

“We are thrilled to extend our partnership with Reclaim the Game,” the Chief Executive Officer for the South Sydney Rabbitohs, Blake Solly, said. “Its commitment to being part of a positive social movement aligns with the values of our club and we are excited to continue working together to challenge the notion that gambling is a normal part of sport.”

“In 2022, we joined forces with Reclaim the Game to say no to sports betting advertising,” the Chief Executive Officer for the Canterbury-Bankstown Bulldogs, Aaron Warburton, said. “It was a first of its kind partnership for our club and one we are extremely proud of, challenging the notion that betting is a normal part of the game.

“Rugby league is one of the most entertaining sporting experiences on offer and we firmly believe that our members and fans should be able to watch and enjoy this great game without constant advertising from sports betting companies. The contests, rivalries, skills and personalities within our game are what make it so attractive to millions of viewers and we couldn’t put it better than to say, don’t let a bet take you away from the game.”

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