- James Packer Crown Casino Melbourne Fl
- James Packer Crown Casino Melbourne Hotel
- James Packer Crown Casino Melbourne Beach
The founder and ex-executive of Crown Resorts casinos James Packer has pleaded his innocence in the allegations against the Australian gambling operator. As the investigation continues Mr. Packer has played down insinuations that he was directly responsible for the ongoing money laundering at the Crown Resorts Melbourne facility.
- Billionaire casino tycoon James Packer has acknowledged he may be forced to sell down his major shareholding in Crown Resorts in order for it to keep the licence for its new $2.2 billion casino in.
- Crown has casinos in Melbourne and Perth, and is building one in Sydney. If breaches are proven, it could face millions of dollars in fines and threats to its casino licences.
Consolidated Press Holdings, Mr Packer's private investment company, confirmed on Thursday night it had sold 19.99 per cent of its shareholding in Crown Resorts to Melco Resorts and Entertainment. It was sold for an aggregate purchase price of $1.76 billion, equivalent to $13 per share.
The court in Australia will have to decide on its path forward with regards to James Packer's involvement in a series of nefarious financial regulation breaches. Losing an operating license would be catastrophic for Crown Resorts. ©qimono/Pixabay
James Packer has been under the spotlight in recent weeks, answering questions from investigators over allegations Crown Resorts were complicit in a money laundering crime. Mr. Packer, who owns 36% of the shares in the casino quit his position on the board in 2018. His lawyer, Noel Hutley, claims after this time his role was merely advisory and was not a case of him running things from the sidelines.
The inquiry is seeking to determine whether or not Mr. Packer has any responsibility for the corporate governance failings that were taking place within Crown Resorts over the 2 year period. When the crimes are alleged to have taken place it has been reported by several insiders that Mr. Packer did have de facto control of the enterprise. Ultimately, whoever wields the power that Mr. Packer possessed – takes total responsibility for anything that happens within the company.
It's quite clear that from the position of James Packer and his office, they are trying to distance the high-profile business tycoon from the series of management failings that have been described over the months of hearings. This is all coming to the fore at a critical juncture, as Crown Resorts battles to keep hold of its casino operating license on the dawn of opening a brand new AU$2.2 billion resort in Sydney. Failure to renew its license will leave the whole project in a state of crisis, and for the sake of its future trading potential, Crown needs to charter itself back to calmer waters.
Lawyers Put Pressure on Crown Resorts
Whilst the future existence of Crown Resorts, one of Australia's most successful publicly traded companies, depends on extending its license – there are serious legal and moral questions to contend with first. The pressure is being applied to Crown Resorts from a variety of angles. In the legal sense, there is evidence of ongoing systemic money laundering and financial subversion at the casino. But how much Crown Resorts upper-management can burden these offenses is yet to be determined.
Interestingly, regulators that were previously assigned to investigate Crown Resorts have also been accused of serious lapses in judgment. One such incident accused the Victoria regulator of complicity in the scandals, as they failed to interview Crown Resorts members that were arrested and jailed in China for their role in a series of financial crimes.
Lawyers in charge of the inquiry against the activities of Crown are deliberating whether Crown Resorts should be able to keep its operating license in several regions across Australia. They allege that Mr. Packer was complicit in many of the criminal activities being alleged of taking place at Crown Resorts. The recommendations of the prosecuting committee are for Crown Resorts to cut the shareholding of James Packer, and drastically reduce any influence he has at the casino, in order to ensure its long-term survival as a straight-operating enterprise.
Mr. Packer Accuses Inquiry of Unfair Characterization
Investigators are seeking to find definitive proof of Mr. Packer's direct involvement and management in schemes to subvert regulators over a 2 year period. Mr. Packer conceded that Crown Resorts failed in its obligations to ensure staff safety, but in his view, lots of the allegations against the company involved small rogue operations that were beyond his scope of control. Mr. Packer claimed that a lot of the evidence put forward in the inquiry was news and a shock to him.
Investigators claim that an email chain from Mr. Packer to the top-tier management at the casino is evidence that he was playing an active leadership role at Crown Resorts. However, as Mr. Packer claims, his role was merely advisory and he did not have any authority over the decision-making processes at that time. Lawyers prosecuting the case say he was running the company despite having no formal role, but Mr. Packer claims he was just offering insights from his wealth of experience, all of which the company was free to reject.
The judge overseeing the inquiry, Patricia Bergin, said that she was not fully won over by the suggestion that Mr. Packer was merely proffering some of his business acumens. After all, he was the largest shareholder, and it is reported that he appeared angry and forceful of his wishes within the email thread. In defense, Mr. Packer alleges this to be an unfair characterization, admitting that he was interested in the affairs of Crown at a personal level, but never in a position of control.
The first signs of irregularity at Crown Resorts dates back all the way to September 2014. Investigative journalists blew the lid off the business structures in place at Crown Resorts, and alluded to a longstanding system whereby Crown was able to draw in wealthy customers from the mainland through its partnerships with junket operators such as Suncity. The junket operators had long been identified by law enforcement as front-businesses for organized crime groups with records of violent debt collection and association with Triads and other known Asian mafia groups.
The Sydney-based casino is in hot water, as has been well-documented, they are facing investigations from several different angles as accusations of money-laundering and complex criminal networks are thrown at the organization. ©Hans/Pixabay
The revelations began by making the claim that these junket operators were not just limited to making money from facilitating the gambling operations within Melco's VIP rooms of Macau Texas holdem bonus strategy calculator. , but also acting as a vehicle for rich Chinese gamblers to transport their money to the Crown Resorts casinos owned by James Packer in the glass buildings of Melbourne and Sydney. Surprisingly, when these revelations hit the press in 2014 the reaction was extremely muted and didn't cause much of a stir amongst the people.
James Packer Crown Casino Melbourne Fl
The political reaction was also relatively non-existent. Very few people in Australia cared at the time that one of the biggest casinos in the continent was indirectly financing organized crime groups. More importantly, though was the lack of a response from the key regulator with legal oversight in these cases the Victorian Commission for Gambling and Liquor Regulation (VCGLR). The failure to root out criminality has culminated in James Packer pleading his innocence, and the Barangaroo operating license being withheld.
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Criticisms are swirling around the ineptitude of the regulator to stifle this activity at the root. The history of inaction dates back to 2014, and now many independent investigators are not only looking into the misdeeds of Crown Resorts but also of the Victoria casino regulator and the systematic failings that enabled the current situation to unfold.
Victoria Regulator Fell Asleep at the Wheel
Plenty of higher-ups in the Australian government have been delivering their verdict on the fiasco, with one minister saying the best he could say is that the Victorian regulator had 'fallen asleep at the wheel' in reference to the Crown Resorts debacle. The point being made by the government, in this case, is that the regulator has a responsibility to mitigate the threat of corruption and mismanagement of the casino's corporate and day-to-day operations.
Legal academics across Australia have begun taking note of this case also. They claim that the regulator has been abysmally poor in regulating the industry for a long while, and this latest infraction by Crown is just the tip of the iceberg in a cataclysm of cases surrounding the casino. So far, the Victorian Commission for Gambling and Liquor Control has been particularly resistant to criticisms.
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James Packer Crown Casino Melbourne Hotel
In their defense, the VCGLC has stated that they conducted a series of investigations up until 2018 whereby the operations of Crown Resorts were thoroughly reviewed. They maintain that they liaised with local law enforcement and the national anti-money laundering agency, all of which indicated that Crown was generally compliant with the laws. Essentially the regulator is trying to pass off the blame and claims that it did its part in the investigation.
The facts remain that many officials failed to stop potentially billions of dollars flowing through the doors of Crown Resorts that were illicit in nature. Publicly, there are many concerns that have been raised. Behind closed doors, the investigators will be pouring over the financial statements of the casino in order to try and figure out how so many red flags were missed over the five-year period.
Victorian Premier Defends Crown Melbourne License
In a twist to this story, the Victorian Premier Daniel Andrews has come out to publicly defend the prospect of Crown Resorts continuing with its operating license. Even after evidence has emerged which unequivocally proved money laundering had taken place at the Perth and Melbourne properties of Crown Resorts, Mr. Andrews says that the casino will not be subject to a license removal.
James Packer Crown Casino Melbourne Beach
Criticisms are swirling around the ineptitude of the regulator to stifle this activity at the root. The history of inaction dates back to 2014, and now many independent investigators are not only looking into the misdeeds of Crown Resorts but also of the Victoria casino regulator and the systematic failings that enabled the current situation to unfold.
Victoria Regulator Fell Asleep at the Wheel
Plenty of higher-ups in the Australian government have been delivering their verdict on the fiasco, with one minister saying the best he could say is that the Victorian regulator had 'fallen asleep at the wheel' in reference to the Crown Resorts debacle. The point being made by the government, in this case, is that the regulator has a responsibility to mitigate the threat of corruption and mismanagement of the casino's corporate and day-to-day operations.
Legal academics across Australia have begun taking note of this case also. They claim that the regulator has been abysmally poor in regulating the industry for a long while, and this latest infraction by Crown is just the tip of the iceberg in a cataclysm of cases surrounding the casino. So far, the Victorian Commission for Gambling and Liquor Control has been particularly resistant to criticisms.
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James Packer Crown Casino Melbourne Hotel
In their defense, the VCGLC has stated that they conducted a series of investigations up until 2018 whereby the operations of Crown Resorts were thoroughly reviewed. They maintain that they liaised with local law enforcement and the national anti-money laundering agency, all of which indicated that Crown was generally compliant with the laws. Essentially the regulator is trying to pass off the blame and claims that it did its part in the investigation.
The facts remain that many officials failed to stop potentially billions of dollars flowing through the doors of Crown Resorts that were illicit in nature. Publicly, there are many concerns that have been raised. Behind closed doors, the investigators will be pouring over the financial statements of the casino in order to try and figure out how so many red flags were missed over the five-year period.
Victorian Premier Defends Crown Melbourne License
In a twist to this story, the Victorian Premier Daniel Andrews has come out to publicly defend the prospect of Crown Resorts continuing with its operating license. Even after evidence has emerged which unequivocally proved money laundering had taken place at the Perth and Melbourne properties of Crown Resorts, Mr. Andrews says that the casino will not be subject to a license removal.
James Packer Crown Casino Melbourne Beach
What has been agreed is that disciplinary action will be imposed. This less serious penalty for the casino will see it fined a large sum of cash and have external people placed within the organization to help steer it back onto the right course. All of this will be music to the ears of James Packer and the Crown Resorts hierarchy as retaining the operating license is their main objective throughout these hearings.
But keeping business running as normal will certainly come at a human cost for the Crown Resorts management. External people are due to be put in key positions of oversight in part of an agreement deal struck with the authorities to enable Crown to continue regular operations. The investigations continue in Australia as the casino world watches on with interest. More to follow on this story so check back with us again soon.
