Australian regulators have allowed Crown Resorts to keep its license to operate its Melbourne casino under the supervision of a government-appointed Special Manager who will ensure reforms are undertaken to address money laundering risks at the casino. An independent inquiry by Victoria’s Royal Commission found Crown unsuitable to hold a casino license, but the Government decided to allow Crown to operate under oversight and direction for two years while the company implements comprehensive reforms. A Government statement said: “The Special Manager will have unprecedented powers to oversee Crown, veto decisions of the Board and have unfettered access to all areas of the casino and its books and records.”
Crown’s CEO, Steve McMann, commented: “We are embracing the challenges ahead of us as we work to restore our reputation and we are determined to get this right. We will be a better Crown.”
