Crown Resorts has successfully transitioned to operating its Sydney casino under an unrestricted licence, marking the end of over three years of regulatory uncertainty in New South Wales.
The company faced significant hurdles following the 2021 Bergin report, which found Crown “unsuitable” to operate its Barangaroo facility due to money laundering activities and inadequate oversight of junket operators linked to organized crime.
Despite these challenges, Crown has undergone substantial changes under the new ownership of Blackstone, which acquired the company for AU$8.87 billion.
This transformation included a AU$200 million investment in reforms aimed at enhancing compliance, governance, and harm minimization strategies.
Under its revised structure, Crown introduced stringent standards to combat financial crimes and implemented cashless gaming across its electronic table games, a first in NSW.
These efforts were part of a broader strategy to rehabilitate the company’s reputation and operational practices.
Philip Crawford, NICC chief commissioner, acknowledged Crown’s extensive reform efforts, stating that the company had significantly altered its business practices and culture.
However, he emphasized the ongoing need for improvement and vigilance in maintaining these standards.
The new unrestricted licence incorporates several Bergin-based reforms, including enhanced regulatory controls and the elimination of previous constraints on the NICC’s powers.
This regulatory shift enables Crown to operate more freely, reflecting its progress in addressing past misdeeds and committing to ongoing compliance and accountability.
Crown’s CEO, Ciarán Carruthers, and Crown Sydney CEO, Mark McWhinnie, both highlighted the transformative changes the company has undertaken.
Carruthers noted the significant internal overhaul following Blackstone’s takeover, emphasizing a new corporate ethos centered on trust, care, and integrity.
McWhinnie praised the team’s effort in securing the licence renewal, pointing out the implementation of 432 remediation activities that addressed key operational areas.
He described Crown Sydney as the state’s safest gambling venue, underscoring its commitment to industry-leading standards.
The positive outcome in NSW follows a similar development in Victoria, where Crown retained its casino licence after implementing reforms recommended by the Royal Commission.
Despite setbacks, including hefty fines for failing gambling service obligations, the company views the licence retention as a crucial milestone in its history, underscoring its commitment to reshaping its business model and corporate culture.