Crown Resorts to suspend junket operations until June 2021
Crown Resorts Limited has announced it will suspend all activity with junket operators until June 30, 2021, “while it undertakes a comprehensive review of its processes related to junket operators”, it said in a statement. The announcement came after a public hearing held by the NSW Independent Liquor and Gaming Authority that pointed out a lack of internal controls, especially related to money laundering and transparency.
The company also noted the suspension of junkets is “part of Crown’s review of its compliance and governance processes”. Additionally, Crown said it plans to hire for the new role of head of compliance and financial crimes.
Despite the setbacks, the company confirmed that it intends to open the Crown Sydney Hotel Resort on or around 14 December this year. With gaming operations at full capacity, it will have a total of 30 table games across 12 private gaming salons. There will also be 129 table games and 66 electronic table game terminals in two distinct gaming rooms. According to the statement, Crown’s VIP program has contributed approximately 7% of Crown’s normalised EBITDA over the last five years.
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