Crown Resorts (ASX:CWN) slapped with $1m fine over junkets

Embattled Crown Resorts (ASX:CWN) has been slapped with a $1 million by the Victorian Commission for Gambling and Liquor regulator (VCGLR) relating to historical non-compliance by Crown Melbourne with its internal control statements with respect to junkets and premium players. The non-compliance relates to events that took place in 2015 and 2016.

Junket operators entice high rollers from mainland Asia to Australia to gamble with some linked to organised crime.

Steve McCann, Crown’s chief executive officer said “Crown will consider the findings of the VCGLR carefully, with a view to continuing to advance its reform agenda and taking into consideration all available learnings.
Crown was the first Australian casino group to announce the cessation of dealings with junkets. The announcement today from the VCGLR is a reflection of past practices which no longer occur at Crown”.

Shares in Crown Resorts (ASX:CWN) are trading 0.5 per cent higher at $11.84.