Crown Resorts International has temporarily suspended its partnerships with all VIP gaming promoters. This immediate action, in effect until June 30, 2021, follows a series of concerning accusations. The corporation states it’s utilizing this period for a comprehensive internal audit of its VIP gaming promoter procedures, but frankly, this appears to be reputation management.
You see, there was a highly publicized investigation in New South Wales where the Independent Liquor and Gaming Authority essentially criticized Crown for failing to prevent money laundering and maintain transparency. Not a favorable situation.
Crown is attempting to frame this as part of its dedication to regulatory compliance, even establishing a new executive position dedicated to financial misconduct. They are still proceeding with the grand opening of their opulent new Sydney casino in December, albeit with a slightly smaller area designated for high-stakes gambling.
This entire situation is a significant setback for Crown, particularly given the substantial contribution of their VIP initiatives to their profits. It will be intriguing to observe how they manage this predicament and what modifications they genuinely implement.
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