Crown Resorts To Gain Sydney License In October

The New South Wales Independent Liquor and Gaming Authority (ILGA) said in a press release that Crown Resorts were on track to receive its license for their Barangaroo resort in Sydney which cost the company $2.2 billion to develop in October.

According to the regulator the casino company has made significant improvements in its corporate governance.

Philip Crawford, the chairman of the ILGA said: I think you can assume that we are hopeful and-or confident that the opening of the gaming rooms will happen well in advance of the end of October.”

In an agreement with Crown and the regulator the company has agreed to pay for the recent inquiry that found Crown lacking in money laundering and regulatory governance to the tune of $12.5 million. It will also pay the Casino Supervisory Levy of $5 million for the current and next year, meaning that Crown is expecting to receive their gaming license by the end of this year.

Also in a move to gain the license Crown has stated it will not offer junket players to its casinos and has in fact closed its overseas offices that focus on junket players.

Crown Resorts are the focus of multiple bids for its business, but with the likelihood of the company gaining their license for Sydney the valuation of the company will rise and those interested bidders will have to raise the offers.