Search ASX code:
Generic filters

Search ASX code:
Generic filters

Search ASX code:
Generic filters

Want to invest ethically for a brighter future?
(but still make lots of money)?

Want to invest ethically for a brighter future? (but still make lots of money)?

 Take Rask’s FREE Ethical Investing course today.

  • Online & 100% free
  • ETFs, shares & Super
Want to invest ethically for a brighter future? 
(but still make lots of money)?

 Take Rask’s FREE online Ethical Investing course.

Crown (ASX:CWN) share price on watch as Victoria launches Royal Commission into Crown Melbourne

The Crown Resorts Ltd (ASX: CWN) share price will be on watch tomorrow as the casino operator faces another regulatory battle.

After the market closed today, news broke that the Victorian Government has established a Royal Commission into Crown Melbourne’s suitability to hold its Victorian casino licence.

This comes following the recent NSW inquiry, which found that Crown was unfit to hold a casino licence in NSW.

The inquiry also found that Crown facilitated money laundering through the Southbank and Riverbank accounts, and was involved in commercial relationships with junket operators who had links to triads and other organised crime groups.

Details of the Royal Commission

In a media release, the Victorian Government stated that since receiving the findings from the NSW inquiry, it has taken advice about the most appropriate way to proceed in Victoria. 

“Establishing a Royal Commission will ensure the most appropriate access to information regarding Crown Melbourne’s suitability to hold the casino licence given the Commission’s powers to compel witnesses and documentation,” the release said.

Raymond Finkelstein QC will serve as Commissioner and Chairperson of the Royal Commission and will hand down his recommendations by 1 August 2021.

Commenting on the Royal Commission, Victorian Premier Daniel Andrews said: “This is about making sure that those who hold a casino licence in Victoria uphold the highest standards of probity and integrity – and that they’re accountable for their actions.”

Crown’s response

In an ASX release, Crown said it will fully co-operate with the Royal Commission.

Helen Coonan, Crown’s executive chair, said: “Crown welcomes the announcement from the Victorian Government as it provides an opportunity to detail the reforms and changes to our business to deliver the highest standards of governance and compliance, and an organisational culture that meets community expectations.”

“Victorians should be assured we recognise the responsibility placed on us by the community, governments and regulators and we will fully cooperate with the Royal Commission,” she added.

Another director bites the dust

Also announced after the market closed today was another director resignation, with Harold Mitchell stepping down with immediate effect.

This resignation means four of nine Crown directors have resigned since the findings of the NSW inquiry was released.

Crown recently delivered its half-year FY21 results, reporting a $120 million net loss after tax.

Despite its licencing issues, the Crown share price has so far been relatively unscathed, with shares up around 6% year-to-date.

Is BNPL the opportunity of a lifetime or is the sector a ticking time bomb?

Rask's analyst has just finished a 7,500-word report, The Ultimate BNPL Sector Report, taking a deep dive into this booming ASX sector. It shines a spotlight on each of the major players. You can get the full analyst report for FREE by CLICKING HERE NOW or entering your email below.

Note: the report is 100% free.

Unsubscribe anytime. Read our TermsFinancial Services GuidePrivacy Policy. We’ll never sell your email address. Our company is Australian owned.

Afterpay, Zip Co, Sezzle…

Is BNPL the opportunity of a lifetime or is the sector a ticking time bomb?

Rask's analyst has just finished a 7,500-word report, The Ultimate BNPL Sector Report, taking a deep dive into this booming ASX sector. It shines a spotlight on each of the major players. You can get the full analyst report for FREE by CLICKING HERE NOW.

Note: the report is 100% free.

At the time of publishing, the author of this article does not have a financial or commercial interest in any of the companies mentioned.

Information warning: The information on this website is published by The Rask Group Pty Ltd (ABN: 36 622 810 995) is limited to factual information or (at most) general financial advice only. That means, the information and advice does not take into account your objectives, financial situation or needs. It is not specific to you, your needs, goals or objectives. Because of that, you should consider if the advice is appropriate to you and your needs, before acting on the information. If you don’t know what your needs are, you should consult a trusted and licensed financial adviser who can provide you with personal financial product advice. In addition, you should obtain and read the product disclosure statement (PDS) before making a decision to acquire a financial product. Please read our Terms and Conditions and Financial Services Guide before using this website. The Rask Group Pty Ltd is a Corporate Authorised Representative (#1280930) of AFSL #383169.

Keep reading:

Rask Media’s Ultimate BNPL Sector Report

Afterpay, Zip, Sezzle… is this the opportunity of a lifetime? Or is BNPL a ticking time bomb? This 7,500-word analyst report takes a deep dive into the BNPL sector and shines a spotlight on each of the major players in this booming market. 

Unsubscribe anytime. Read our TermsFinancial Services GuidePrivacy Policy. We’ll never sell your email address. Our company is Australian owned.

As we emerge from COVID-19, some tech companies are growing faster than ever. Rask’s investment analysts have identified 3 growth stocks set to benefit. Big time.

Enter your email below to access this report for free, including the names, ticker codes and analysis.

Unsubscribe anytime. Read our TermsFinancial Services GuidePrivacy Policy. We’ll never sell your email address. Our company is Australian owned.