Crown Resorts gets approval to open its casino in Sydney

The New South Wales Independent Liquor and Gaming Authority (ILGA) has advised that Crown will be able to conditionally start casino operations, but its operations will be monitored by authorities.

We must remember that Crown was acquired by Blackstone in a deal worth €5.87 billion but has not been able to operate its casino for over a year due to restrictions.

ILGA President Philip Crawford said the conditional clearance is due to a structural change by Crown around governance, anti-money laundering measures and corporate culture.

Crawford said: "After more than one year's work with Crown, the Authority is pleased to have reached a stage where Crown can open its casino operations on a conditional basis."

“Given the need to observe the changes in operation as well as ensure changes are embedded in the business, the Authority will consider approval of Crown's suitability until the end of the conditional gaming period, which could run between 18 months and two years” he added.

During the initial conditional operations period, Crown will work closely with ILGA and Crown Sydney's independent monitor, Kroll Associates, to demonstrate that it is implementing the agreed measures.

Steve McCann, Crown Chief Executive Officer, said: “Today is an important day for Crown, our customers and our people, who have been eagerly awaiting this announcement for some time and can't wait to share the full Crown Sydney experience with the world.”

On the other hand, ILGA also approved Blackstone's suitability to have a casino license. Having obtained all other necessary approvals from Victorian and Western Australian regulators and the Federal Court, Blackstone takes over as the new owner of Crown on Friday 24th June 2022.