Crown Casino has been formally put under investigation by the independent Liquor and Gaming Authority of New South Wales. Many will be surprised to hear this move has taken place and some will feel shock at the fact that Crown Casino is formally under investigation, but the truth is that this is a mandatory act that has nothing to do with Crown Casino having done wrong.
The Independent Liquor and Gaming Authority of New South Wales took the mandatory action after Crown Casino gained approval to develop a VIP gaming section to a Sydney resort development. This new VIP section is expected to be ready to start in November 2019, but under approval of the additional gaming section, the investigation has to go ahead.
The investigation will be checking the fitness of Crown Casino to be a casino operator. It will not be a long investigation with the Independent Liquor and Gaming Authority of New South Wales saying it should be concluded by March this year. This is a surprise to many as these types of investigations usually take a lot longer. As part of the process the authority is looking for people like you and us to submit submissions of our own about the approval.
As part of the approval process the casino has agreed to not only develop the casino, but will also build a full luxury resort including a six start hotel.
The news of the approval saw the shares in Crown Casino jump up by 2.1% this week, a huge leap in contrast to the rest of the markets trading.
Echo Entertainment also wanted to gain a foothold in the Sydney area and will be dismayed by the decision as it will mean that they cannot grow their casino ambitions in the area.