Crown Resorts has prohibited more than 250 VIP patrons, accounting for over ten percent of their leading Australian players, from accessing their gaming establishments. This measure was implemented because these high-stakes gamblers failed to demonstrate the origin of their affluence or triggered other probity concerns during vetting procedures.

This decisive action follows startling disclosures regarding Crown’s implication in illicit financial activities and its troubling connections to criminal syndicates. In a bid to retain their gaming permits in Melbourne, Sydney, and Perth, Crown is urgently endeavoring to rectify their practices and disassociate from previous wrongdoings.

The ongoing royal commission investigations in Victoria and Western Australia concerning Crown’s eligibility to hold a casino license are significantly impacting the company. Crown’s incoming chief executive, Steven McCann, has indicated they are prepared for any eventuality and will examine all possibilities to safeguard investor interests, including the potential divestiture of certain business segments.

Further compounding their difficulties, Crown recently declined an acquisition offer from Blackstone, a private investment firm, and a proposed amalgamation with their competitor, The Star, collapsed due to the ambiguity surrounding Crown’s licenses.

Consolidated Press Holdings’ James Packer, a significant stakeholder in Crown Resorts, has declined invitations to engage with Crown’s leadership. The company essentially communicated their disinterest in participating. As major investors, their input was sought, but they have chosen to abstain at this time. Ultimately, it’s their prerogative.