Australia's Crown found unfit for gambling license
An investigation by the Australian casino company Crown Resorts has shown that it is not suitable to have a gambling license.
A report by the Victorian state government on Tuesday described Crown's actions as "shameful" after months of hearings accused of facilitating money laundering and misleading regulators.
But instead of shutting down Crown's flagship casino in the city of Melbourne, the investigation recognized the board's reform efforts and recommended that it continue to operate under supervision for two years.
Australian billionaire James Packer, Crown's largest shareholder, was found to act in what has been labeled "illegal, dishonest, unethical and exploitative".
Crown CEO Steve McCann said in a statement that the casino operator is working to fix its culture and will "act as a stronger and more transparent company."
A Packer spokesman was not immediately available for comment.
The report recommended increasing the maximum penalty for casino misconduct to $ 75 million and forcing Packer to reduce his stake to 5% by September 2024, which means he will have to sell 32% of the company by then.
It has fueled hopes of takeover prospects and a rush of relief among Crown investors.
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Australian businessman, investor and philanthropist.
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