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Crown Casino Gets $450 Million Fine
The Crown Casino brand is one that’s popular in Australia with venues in Melbourne and Perth. Last year it was discovered that the brand had been undertaking illegal activities and helping Chinese junkets operate in their casinos which allowed them to launder money.
After this was discovered, the brand received hefty fines for not complying with the law. New management was introduced and it was supposed to help the casino recover. But the casino officials recently stated that they weren’t able to do so which is why they were slapped with an additional fine of $450 million.
The Brand Failed to Comply with the Law, Hence the Hefty Fine
Rules and regulations exist so casinos know how to operate. Their officials and staff need to follow them to remain operational. If they don’t, then they’ll get fined and will need to change staff, and they could also lose the license.
The Crown Casino brand filed to follow regulations. The anti-money laundering and counter-terrorism regulations were broken when the casino staff invited Chinese junkets with high-roller players looking to use their casinos as places where they can launder their money. The scheme didn’t last long as the brand was discovered.
This was followed by a fine and a change in management. The casino was also given a certain period to adjust to the new situation and to continue operation under the rules. Recently, the casino officials stated that they didn’t have the capacity to execute the rules and regulations in their venues in Perth and Melbourne.
They apologized for their deeds, branding them unacceptable. They were slapped with another hefty fine of $450 million. This sum will be used by regulatory bodies to help those struggling with gaming addiction, as well as research for that issue. Additionally, some of it will go to crafting policies regarding the issue and how to best treat people.
The future of Crown Casino is uncertain. The officials and staff will need to work hard to prove they can be trusted by regulatory bodies and their customers.
The Crown Casino brand in Australia recently stated they don’t have the capacity to make the necessary changes so they can comply with the anti-laundering and counter-terrorism laws. They were given a fine of $450 million which is going to fund future gaming addiction research, treatments, and policy making. There are no clear indicators of what’s going to happen to Crown Casino.