$1.6 billion development for the harborside
Barangaroo district of Australia’s largest city from December 14 following around 50 months of construction. The new venue was also due to premiere
complete with a casino featuring some 120 gaming tables but had its long-term future placed in danger earlier this year via the initiation of the inquiry looking into
its parent’s suitability to continue holding a gambling license for New South Wales.
Possible punishment:
New South Wales Independent Liquor and
Gaming Authority is to reportedly begin deliberations on the longer-term future of Crown Resorts Limited in the country’s most populated state from early-February following the publication of the interim findings of the ongoing examination. The Melbourne-headquartered casino firm could then purportedly
December 14, 2020
Almost a month after being ordered to delay the grand opening of its Crown Sydney development and Australian casino operator Crown Resorts Limited is now reportedly facing a class-action lawsuit from a group of disgruntled shareholders.
According to a report from Inside Asian Gaming citing an earlier story from The Sydney Morning Herald newspaper, the unhappy investors filed the legal action with the Victoria Supreme Court on Friday amid claims that the value of their associated holdings had been significantly depressed as a direct result of bungling by the casino company’s senior management. The source moreover detailed that the complaint being managed by local law firm Maurice Blackburn Lawyers is purportedly seeking an order that would oblige Crown Resorts Limited to compensate the plaintiffs via a share buy-back initiative.
Maurice Blackburn Lawyers
Leading law firm Maurice Blackburn Lawyers has lodged a new class action against Crown Resorts Limited alleging the company’s governance and risk management failings caused a massive share price plunge in October.
Crown’s share price fell over 8 per cent on October 19 after news emerged that anti-money laundering agency AUSTRAC had initiated a formal enforcement investigation into Crown, having identified potential non-compliance by Crown Melbourne with anti-money laundering (AML) financing laws.
Maurice Blackburn Lawyers on Friday lodged the new class action with the Supreme Court of Victoria alleging Crown had engaged in misleading or deceptive conduct during the period from 11 December 2014 to 19 October 2020 by representing that it had robust or effective systems for ensuring compliance with its AML obligations, including as they applied to its VIP international business and engagement with overseas junket tour operators, and had not disclosed rel