A former head of Victoria’s gambling watchdog says the agency regulating Crown may have lost focus on policing the casino, and Premier Daniel Andrews flagged reform to the agency.
The dominoes have begun to fall at Crown Resorts with two key officials at James Packer’s private company resigning from the gaming giant’s board after a review found it unfit for its Barangaroo casino.
Racing and Gaming Minister Paul Papalia said the findings of the Bergin report, which alleged Crown had facilitated money laundering at its Perth and Melbourne casinos, were “deeply concerning”.
Itâs unclear if this structure would be acceptable to regulators but several investment bankers, who declined to be named, said it could be done . Those bankers said it would be challenging to find buyers for Mr Packerâs stake, if part of it was put up for sale, until a raft of recommendations made in the report from the inquiry were implemented. Crownâs board and Mr Packer are required to make those changes in order for it to be reconsidered as a suitable casino licence holder.
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Mr Packer has demonstrated in the past a willingness to cut his stake in Crown. In 2017, he owned 48.2 per cent of Crown. And in 2019, he had struck a deal with Hong Kong billionaire Lawrence Hoâs Melco Resorts & Entertainment, to sell 20 per cent of his stake, a deal that ultimately fell apart.