1. Crown Casino Gig Guide 2019
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Crown Resorts was arrogant towards regulatory compliance and didn't properly act on money laundering red flags, an inquiry into the company suitability to run a new $2.2 billion Sydney casino has heard. The Barangaroo premises, slated to open in mid December, is under a massive cloud amid the NSW Independent Liquor and Gaming Authority probe. The regulator is reportedly set to meet with Crown on November 18 to discuss whether to push back, or put conditions on, the casino's opening. Lawyers assisting the inquiry have argued Crown is not fit to hold the Barangaroo licence due to its poor culture, lack of risk management procedures and links to dodgy junket operators. In concluding her final submissions on Monday, counsel assisting Naomi Sharp said evidence across the hearings had shown Crown had an 'arrogant indifference' to regulatory compliance. '(There is a) culture of denial and an unwillingness to examine past failings. And ... a culture which has prioritised the pursuit of profit above all else,' she said. Counsel assisting Scott Aspinall said transactions uncovered during the hearings showed Crown was either ignorant or apathetic about the money laundering risks involving two subsidiary companies. 'It's open for you to find that money laundering did occur,' he told inquiry commissioner Patricia Bergin. He said money was moved through companies Southbank and Riverbank from 2014-17 by 'smurfing', a process of splitting up money in smaller deposits to avoid detection. There were also examples cash was deposited anonymously to those companies, he said. ANZ in 2014 raised 'red flags' with Crown about Southbank and Riverbank and eventually shut down their accounts with the bank. Mr Aspinall said Crown failed to properly investigate why, and the problems persisted for years. The lawyer representing Crown, Neil Young, is set to address the allegations in his closing submissions on November 16. Mr Young said CCTV vision aired at the inquiry showing a bag full of cash being unloaded at one of Crown's high-roller rooms in Melbourne was not definitive proof of money laundering. But he did concede it amounted to a 'suspicious matter'. 'We will also explain in our submissions that Crown has taken steps to prevent such events ever recurring,' he said. Many of Crown's cultural problems stem from the 'dubious tone' set by former executive chairman and major shareholder, James Packer, the inquiry has previously heard. Lawyers representing Mr Packer's company Consolidated Press Holdings, which holds a 36.8 per cent stake in Crown, will address the inquiry on Wednesday. Commissioner Bergin, who is expected to produce a final report by February, may recommend the licence agreement for the new casino be terminated, suspended, or have new conditions added. Australian Associated Press

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Crown Casino Gig Guide 2019

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Casino giant Crown Resorts had a culture of recklessness, arrogance, and denial, which valued profit above all else. The person responsible for setting the tone from the top was the company's former executive chairman, now major shareholder, billionaire James Packer. That's what counsel assisting a NSW gaming authority inquiry into Crown told commissioner, Patricia Bergin, in closing submissions on Friday. Crown's failures of governance, culture and risk management are so extensive that it is not fit to run a new $2.2 billion casino in Australia, the inquiry has been told. Mr Packer's 'shameful' and 'disgraceful' conduct means the Independent Liquor and Gaming Authority should reconsider its approval for the business mogul to be a 'close associate' of the casino operator, counsel argued. The inquiry saw footage of bricks of cash being unhurriedly piled on to a cash desk in a room in Crown Melbourne run by Macau junket Suncity. A cash-counting machine lay on the desk. Counsel assisting, Scott Aspinall, said it was open for Ms Bergin to find that money was laundered at Crown's Australian casinos. At an appropriately managed casino, an 'obviously risky' arrangement like the Suncity room would not have been contemplated, let alone maintained for years, Mr Aspinall argued. Business mogul Mr Packer was closely involved in Crown's VIP international business, which used junket operators to bring high-rollers to gamble at its Australian casinos. Mr Packer set a 'dubious' tone from the top in relation to junket operators, counsel assisting Naomi Sharp SC said, driving a culture that valued profit above all else. Its dealings with junket operators revealed Crown's serious cultural problems including a culture of denial and a culture of 'arrogant indifference to regulatory compliance'. Though the company has recently taken steps to address the culture and risk management issues exposed by the inquiry, Ms Sharp said those efforts have largely been tokenistic. Crucially, they have not involved looking back at what went wrong,. Crown Resorts repeatedly dealt with Chinese junket operators despite being on notice they were connected to organised crime. Instead of approaching warning signs with caution, the publicly-listed company adopted an approach of 'if in doubt, rule it in', according to Ms Sharp. 'That reverses the onus of what ... a casino operator in Victoria or NSW needs to do,' she said. 'Reputation, integrity, honesty are the things that matter here.' The inquiry has examined whether Crown's NSW licence was violated when Mr Packer's private company, Consolidated Press Holdings, attempted to sell 19.99 per cent of its stock in 2019 to the banned Melco Resorts. It has also examined money laundering at Crown casinos. NSW Premier Gladys Berejiklian is seeking urgent advice on the matter, and has not ruled out pushing back the December opening date for the Barangaroo development. Closing submissions continue on Monday. Inquiry commissioner Patricia Bergin is expected to deliver a final report on February 1. Australian Associated Press