Is there no end to Crown Resorts' woes?
On Monday, Crown Resorts was informed by the Victorian Government that it had established a royal commission into Crown Melbourne Limited’s suitability to hold its Victorian casino licence. As well as the suitability of its associates, including Crown Resorts Ltd.
The Royal Commission responds to the serious findings of the New South Wales Independent Liquor and Gaming Authority (ILGA) inquiry. Since receiving the ILGA report, the Government has taken advice about the most appropriate way to proceed in Victoria.
In a media release, the Victorian Government confirmed that establishing a Royal Commission will ensure the most appropriate access to information regarding Crown Melbourne’s suitability to hold the casino licence given the Commission’s powers to compel witnesses and documentation.
Premier Daniel Andrews noted, “This is about making sure that those who hold a casino licence in Victoria uphold the highest standards of probity and integrity – and that they’re accountable for their actions.”
Raymond Finkelstein QC has been appointed as Commissioner and Chairperson of the Royal Commission and will hand down his recommendations by 1 August 2021.
Crown advised the market that it will fully co-operate in relation to the Royal Commission and will continue to engage with the VCGLR and the Victorian Government in relation to its reform agenda and any further remedial steps identified in response to the NSW ILGA Inquiry.
Helen Coonan, Crown’s Executive Chairman, said: “Crown welcomes the announcement from the Victorian Government as it provides an opportunity to detail the reforms and changes to our business to deliver the highest standards of governance and compliance, and an organisational culture that meets community expectations.“
Crown also announced that Harold Mitchell has resigned as a director of Crown with immediate effect - the fifth director including the CEO to be forced out in the past fortnight.
Crown Resorts shares finished 0.5% lower on Monday.