Instead, a special government-appointed manager with almost unrestricted powers will supervise Crown’s Melbourne casino for two years to oversee the company’s efforts at reform. That would have disabled the earnings engine of the entire group and left Crown’s future as an independent company in doubt.
He described the company’s behavior as “illegal, dishonest, unethical and exploitative.”īut Crown shares jumped as much as 13% in Sydney after it avoided the worst possible outcome from Finkelstein’s Royal Commission - an immediate loss of the Melbourne license. His excoriating three-volume report, following a months-long investigation, found Crown Melbourne had underpaid taxes, facilitated money laundering and exploited problem gamblers.
was handed an unexpected lifeline after the Victorian state government gave the tarnished company two years to address a litany of wrongdoing and save its flagship Melbourne casino.Īn independent inquiry led by former judge Ray Finkelstein on Tuesday found Crown was unsuitable to run its Melbourne casino.
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