Crown losing casino licence ‘not likely’

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Crown Resorts is unlikely to have its casino licence in Victoria revoked, despite a recommendation from Victorian Royal Commission counsel Adrian Finanzio to strip the casino of its licence, according to industry experts.

Speaking to Asia Gaming Brief at the end of last week, JP Morgan equity research analyst Don Carducci said that it was a more likely scenario that Crown would lose suitability to operate a casino in the state but still be allowed to continue to trade.

The impact to the economy given the stop-start nature of lockdowns, added with the 11,500 people that would be out of a job should the gaming floor not turn on, would present too far of a risk to the government and the broader Victorian economy, said JP Morgan analysts.

On Monday, the Australian Financial Review reported that the counsel assisting the state’s royal commission have suggested that Crown Resorts’ Melbourne licence cancellation could be deferred up to 18 months, giving the casino giant time to regain its suitability to hold a licence and keep its staff employed.

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Source: Asia Gaming Brief

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