Breaking News
0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Victoria extends timeline, funding for inquiry into Australia's Crown Resorts

Stock MarketsJun 10, 2021 08:41PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. FILE PHOTO: The logo of Australian casino operator Crown Resorts adorns a fence surrounding the Crown Perth hotel and casino complex in Western Australia, October 20, 2016. REUTERS/Aaron Bunch

(Reuters) - Australia's Victoria state said on Friday it would give additional time and funding to the Royal Commission that is probing casino operator Crown Resorts' operations in the state, to allow it to investigate a wider range of matters.

The move steps up the duration and depth of the regulatory scrutiny on Crown, at a time when it is trying to overturn a suspension of its new Sydney casino licence and is balancing buyout talks with suitor Star Entertainment Group.

The Victorian government said it approved an extension to Oct. 15 from the initial Aug. 1 deadline, and an increase in the funding to A$19.75 million from A$10 million ($7.75 million).

The Royal Commission inquiry into Crown was appointed by the state in February to assess its fitness for holding a gambling licence, with other states also probing the company after media accused it of ties to money laundering.

A Royal Commission is Australia's most powerful type of public inquiry and has the power to compel witnesses.

Australian media reports accused the company, one-third owned by billionaire James Packer, of doing business with tour operators with ties to organised crime. Crown initially denied the allegations but admitted at the Sydney inquiry in 2020 that some of the claims were true.

Victoria also said the Royal Commission would also look deeper into the corporate culture of Crown Melbourne and claims brought forward in evidence so far that included allegations Crown Melbourne underpaid casino tax.

Crown said in a separate statement that it would continue to cooperate with the inquiry.

($1 = 1.2905 Australian dollars)

Victoria extends timeline, funding for inquiry into Australia's Crown Resorts
 

Related Articles

These 3 Chip Stocks Are Cheap and Screaming Buy
These 3 Chip Stocks Are Cheap and Screaming Buy By StockNews - Jun 24, 2021

A global semiconductor chip supply crunch has resulted in rising capital investments in the semiconductor industry, given its applications in virtually every industry....

3 Overlooked Mortgage REITs With Yields Over 5%
3 Overlooked Mortgage REITs With Yields Over 5% By StockNews - Jun 24, 2021

There are many indicators that the economy could be due for a period of deceleration. This would be bullish for yield-payers like REIT stocks. Three REITs with attractive yields...

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email