Crown Resorts Suspends Junket Partnerships Pending Internal Review

Crown Resorts declared an immediate halt to all collaborations with junket organizers, putting partnerships on hold until June 30, 2021. This temporary suspension facilitates a thorough internal examination of procedures connected to these high-stakes tour providers. The choice comes after public inquiries by the Independent Liquor & Gaming Authority of New South Wales, which voiced apprehensions regarding Crown’s internal regulations, specifically in anti-money laundering protocols and general openness.

Crown stressed that this interruption is a component of a wider evaluation of its compliance and governance frameworks. The corporation also communicated its aim to designate a specialized executive to supervise compliance and financial crime deterrence.

Notwithstanding these obstacles, Crown reaffirmed that the eagerly awaited Crown Sydney Hotel stays on track to debut around December 14th of this year. Although the preliminary opening will showcase a restricted 30 gaming tables distributed across 12 private rooms, the complete array of gaming amenities will encompass two supplementary gaming levels with a combined 129 tables and 66 electronic table gaming devices. It’s noteworthy that Crown’s VIP scheme, significantly dependent on junket organizers, has constituted roughly 7% of the company’s normalized EBITDA over the preceding five years.