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MarketScreener Homepage  >  Equities  >  Australian Stock Exchange  >  Crown Resorts Limited    CWN   AU000000CWN6

CROWN RESORTS LIMITED

(CWN)
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Crown Resorts : Australia's Crown Resorts accused of 'arrogant indifference' to compliance at inquiry

11/05/2020 | 11:03pm EST

SYDNEY, Nov 6 (Reuters) - Casino operator Crown Resorts Ltd has been accused at an Australian regulatory inquiry of having a "culture of denial and arrogant indifference to compliance" in its dealings with junket operators.

In a third day of summation arguments, one of the lawyers running the inquiry said on Friday that Crown had ignored warning signs and breached an obligation to deal with people "of good repute".

The culture of denial and indifference permeated the organisation, said lawyer Nicole Sharp, adding that Crown's founder and 36% shareholder James Packer had "set a dubious tone from the top".

She said Crown had kept a room in its Melbourne casino for clients of a junket operator even after law enforcement agencies wrote to the company warning of the operator's suspected criminal past overseas.

The inquiry is widely expected to result in regulatory action against Packer and Crown, which has two casinos and is banking its growth on a new 75-floor complex in Sydney that opens in December.

Another lawyer running the inquiry on Thursday raised the prospect that the Crown's casino licence could be suspended or even cancelled.

Crown has previously argued it has improved vetting of junket operators and in August said it had suspended all junket relationships until mid-2021. Packer, testifying at the inquiry, has acknowledged a strong influence over the company and suggested a cap on his ownership as a condition for Crown to keep its licence.

The retired judge overseeing the hearings, Patricia Bergin, on Friday called the suspension of junkets "cynical" since Australia's borders are closed due to the coronavirus pandemic. Bergin is due to give formal recommendations by February.

Australia's financial crime agency has also begun investigating Crown on suspicion of failure to comply with anti money-laundering protocols, while the country's corporate regulator has also said it might open its own probe.

(Reporting by Byron Kaye; Editing by Edwina Gibbs)


© Reuters 2020
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Financials
Sales 2021 1 643 M 1 267 M 1 267 M
Net income 2021 -33,0 M -25,4 M -25,4 M
Net Debt 2021 838 M 646 M 646 M
P/E ratio 2021 -208x
Yield 2021 1,96%
Capitalization 6 731 M 5 226 M 5 193 M
EV / Sales 2021 4,61x
EV / Sales 2022 2,42x
Nbr of Employees 12 166
Free-Float 53,9%
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Mean consensus OUTPERFORM
Number of Analysts 10
Average target price 10,13 AUD
Last Close Price 9,94 AUD
Spread / Highest target 15,5%
Spread / Average Target 1,90%
Spread / Lowest Target -18,5%
EPS Revisions
Managers and Directors
NameTitle
Kennneth M. Barton Chief Executive Officer, MD & Executive Director
Helen Anne Coonan Chairman
Alan McGregor Chief Financial Officer
Michael Roy Johnston Non-Executive Director
John Stephen Horvath Deputy Chairman
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