Thu. Mar 28th, 2024
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Crown Resorts, the Australian casino operator has been in trouble for quite some time now over money laundering accusations. Several inquiries and investigations are on-going at various casino locations owned by Crown Resorts.

However, now, the proceedings seem to near the conclusion after Crown filed all closing submissions with the Victorian Royal Commission.

It also confirmed that there exists a clause to sub-lease its Melbourne casino complex to a new casino if things don’t turn out to be in Crown’s favour and the license is revoked.

The Casino Management Agreement of the Crown has this clause, however, as reported by Gambling Insider, Crown argues “cancellation of the licence followed by a requirement to sub-lease would not be in the public interest, for the reasons referred to in Crown’s Closing Submissions, and would also have the very real potential to trigger events of default under Crown’s debt facilities.”

Notably, the Victorian Royal Commission is expected to report its findings and any recommendations by 15 October 2021.

 

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