Australian gambling company Crown Resorts is unfit to run its new Sydney casino because it facilitated money laundering and had other problems, a regulator said Tuesday. Commissioner Patricia Bergin recommended several changes that Crown would have to make before it could run the casino in its 2.2 billion Australian dollar ($1.7 billion) Sydney tower. The casino in Crown's newly built tower in Sydney has not been allowed to open. A landmark inquiry has found Crown Resorts, Australia's largest casino operator, is not suitable to hold a gaming licence in Sydney. It puts into question whether Crown will be able to open its already-built casino in Australia's largest city. Crown has spent A$2.2bn (£1.2bn; $1.7bn) on its new gaming complex Crown Resorts will attempt to convince the NSW gaming regulator it can reform despite a former judge concluding it is not fit to run a casino, while also facing calls for more scrutiny in Victoria Crown had prioritized profits before the welfare of its staff, and worked with people connected to organized criminal gangs, she said.CEO Ken Barton “has demonstrated that he is no match for what is needed at the helm of a casino licensee,” Bergin said.Crown shares plunged as much as 8.9% before closing down 3.4% in Sydney. That valued the Melbourne-based company at A$6.6 billion. S&P Join Yahoo Finance's 6-week bootcamp challenge! Crown Resorts Limited (CWN.AX) ASX - ASX Delayed price. Currency in AUD. Add to watchlist. 10.26 +0.01 (+0.05%) As of 3:01PM AEDT. Market open. Summary; Chart; Statistics; Historical data; Profile; Financials; Analysis; Options; Holders; Sustainability; Full screen. Loading interactive chart… ABN Newswire. Crown Resorts Ltd (CWN.AX) Australia's SYDNEY, Australia — Australian gambling company Crown Resorts is unfit to run its new Sydney casino because it facilitated money laundering and had other problems, a regulator said Tuesday. Commissioner Patricia Bergin recommended several changes that Crown would have to make before it could run the casino in its 2.2 billion Australian dollar ($1.7 billion) Sydney tower. Crown was currently “quite unsuitable” to hold a casino license in Sydney, she said.Bergin said it was clear Crown “enabled and facilitated” money laundering through bank accounts tied to (Bloomberg) -- Billionaire James Packer’s dream of opening a landmark casino in his home city of Sydney hangs in the balance after a damning report into money laundering and organized crime links found Crown Resorts Ltd. isn’t fit to hold a gaming license. The company’s stock fell.In an excoriating report released Tuesday, retired judge Patricia Bergin recommended that Packer, Crown’s A highly anticipated report outlining findings on the fitness of Australian gaming giant Crown Resorts to run a casino in Sydney is set to be made public.The NSW Independent Liquor and Gaming Authority will release the report by Commissioner Patricia Bergin on Tuesday afternoon once it is tabled in NSW parliament. (Bloomberg) -- Crown Resorts Ltd. isn’t fit to run its new flagship Sydney casino unless it replaces its chief executive officer and restructures the board, an inquiry recommended after a probe exposed wide-ranging governance and anti-money laundering failures.Crown is “quite unsuitable” to hold the license, retired judge Patricia Bergin said in an excoriating 751-page report that
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