Crown Resorts – Throwing Out All Their Casino Whales And VIPs
Crown Resorts Ban Their High Rollers
Though the rich appear to be getting richer, there has recently been some pushback in Australia. Particularly with regard to casino gamblers and the source of their nefarious income. New and vigorous licensing requirements are now coming from both Victoria and Perth licencing authorities. It means that Crown Resorts in Australia has no option but to ask its most wealthy players to complete an income declaration. This needs to clearly state the source of the funds by which the players are able to gamble. On another point, they also need to declare their assets. For many players, these inquiries proved too much. They prefer to choose another casino to win the jackpot.
Bye Bye Crown Resorts Casino Licence
Because Crown Resorts has already lost its New South Wales gambling licence, it’s now paranoid as the other two licences are under serious threat. Unfortunately for them, the icy fingers of corruption stretch all around the world and include the antipodes. Because Crown Resorts was unhappy with many of the answers, they had no option but to purge those high rollers who were failing in their efforts to declare their income sources. Looking at the casino’s finance’s, this is probably not one of the best jackpot winning strategies for them.
Maybe Crown Resorts High Rollers Are Just Shy
In what was seen as a desperate move to combat money laundering at the casino’s resorts, it decided to ban over 250 of their high roller VIP customers and casino whales. On the face of it, this seems like an incredibly heavy-handed response. Yet with those licences on the line, this could mean the life or death of the casino. So it’s no surprise that the ban hammer came crashing down so strongly. Crown Resorts declined to state exactly how much money they would lose after ditching these clients or how their loss would affect the business’s bottom line. They can still play and have all the fun and excitement online at King Billy Casino. There is any number of great live dealer games so that these players can feel they are playing at the real casino.
Unsatisfied With VIP Clients’ Responses
Just thinking about how much money these whales and high rollers must bring into the casino is enough to make your head hurt. So you can also imagine how much this banning must be hurting the management of Crown Resorts. Nevertheless, the company announced that it had reviewed 1800 “significant and VIP high rollers.” As a result of these reviews, the company has banned more than 250 of them. In a statement, the company said that the reasons for the banning were “the client’s failure to explain the source of their money, along with concerns about their character. “ Strong words indeed. The chief financial officer of Crown Resorts, Allan McGregor, claimed that the due diligence reviews were “by far more significant and comprehensive than anything we’ve done before.”
Show Me The Money
A recent report in the Sydney Morning Herald said that Crown Resorts most elite high roller players, who are known as “black cardholders,” were given declaration forms. The requirement of these was to prove they had assets of more than AU$2.5m (US$1.8m). Otherwise, they would need to prove they make more than AU$250,000 (US$182,454) per year. Many clients baulked at giving this information over to the casino. But that wasn’t all. With many of these players, the casino also asks them to give such specifics as employee information, occupation, as well as ownership details if they were using companies as a platform to finance their gambling activities.
Play Live Casino Games Online at the King Billy Casino
Crown’s Gaming Licenses On The Line
Right now Crown Resorts is flailing around trying to save itself from imminent collapse. Probably the most hair-raising and damaging moment came last February. Then it was concluded by an independent enquiry that Crown Resorts was unfit for a gaming licence in New South Wales. As a direct result of this, its AU$2,2 billion (US$1.6 billion) luxury Crown Sydney Resort is now without a casino licence. Probably one of the most painful parts of the whole story is that the casino only opened less than 6 months ago. The state of Victoria and Western Australia are also looking into Crown Resorts licensing regulations. There’s a very real possibility that both of those licences could also go the way of their Sydney one. And that would be the end of the road for the company.
A 751-page report by the New South Wales Independent Liquor and Gaming Authority found a huge number of problems at Crown Resorts. These included a wealth of problems connected with organised crime. Including money laundering, as well as junkets tied to the local Mafia. Another factor against Crown Resorts was the poor treatment of staff. Another bizarre case was the arrest of 19 employees in China. They went there to promote gambling at Crown Resorts in Australia to the wealthy Chinese gambling community, who want to learn how to win the jackpot.
Crown Resorts: Finally Going Cashless
Now Crown Resorts find themselves in a corner fighting for their very existence. That’s why they have no other option but to throw the largest players out of the casino for good. Of course, combating money laundering is not simple and these affairs are not black and white in nature. As with all blue-collar crime, things are more nuanced. But Crown Resorts has also agreed to stop all junkets as well as introduce cashless gaming.
This latter idea seems like common sense. On the one hand, it will enable the casino to have better tracking for all of its visitors, especially high rollers and casino whales. Whilst at the same time being able to keep an eye on the cash flow going in and out of its casinos. You might ask why on earth they didn’t implement being cashless before. Probably because, without money laundering, the casino would have little business. For these VIPs, maybe they should now look online for the best casino site to play. We suggest they go visit King Billy Casino. There’s a huge selection of casino games. As well as a huge welcome bonus of 151% up to €/$500 plus 51 bonus spins. Not that these wealthy players really need this!
Swimming In Debt
Unfortunately, Crown Resorts has been losing money for some time now. The company reported an annual loss (fiscal year July 2020 to June 2021) of AU$261.6m (US$190.9m). That was versus a profit of AU$79.5 (US$58m) the year before. The 2019 profit was AU$402m (US$293.4m). So overall its revenues have tumbled to AU$1.5bn (US$1.1bn) from AU$2.2bn (US$1.6bn). The first order is to stop the haemorrhaging of cash. To that end, there will be no dividend payout for the first half of the current fiscal year. This was a deal drawn up with the banks and exchanged for being able to push back their AU$560m (US$409m) debt. This was due to mature in October 2023. But the chances of them being able to make any payments towards this huge debt are pretty much impossible. Unfortunately, they are looking slimmer by the week.
Crown Resorts: Unwanted And Unloved
The billionaire Australian investor, James Packer, son of famous gambling mogul Kerry Packer, has an AU$2.3 billion (US$1.7 billion) stake in the business, but previously hoped to bail out. The company, who was in line to buy his share via Oaktree Capital, decided that they were no longer interested. Especially after this licensing fiasco. Crown Resorts had already turned down a takeover offer from the Blackstone Group and also a rival offer. But both of these possible saviours backed out when it was known that Crown Resorts are facing serious licensing problems. As they say, lay with dogs, get fleas.
Click here to visit King Billy Casino for fun-filled games!
