CWN - Crown Resorts

[So_Cynical]

I think we are talking to different time frames. I am looking at daily charts as per previous post which has nothing to do with FY profit targets or even dividend payments.

You are probably right about post GFC type sideways movement but as for now on the day to day SP movements a number of stocks are recovering pretty quickly, which is creating good opportunities for traders.

Yeah great for the trend followers..

 

[frugal.rock]

Crown, Aristocrat etc

Any company that makes it's money from providing gambling services is in my opinion, the scum of the earth.

If you want to invest in a company that really doesn't give a **** if people lose their hard earned after being mesmerized by lights and music and getting plied with free alcohol or other "rewards", what sort of person are you?
FA tells me not to buy.
Ethics and morals are individually tested here.

F Rock

 

[Trav.]

Any company that makes it's money from providing gambling services is in my opinion, the scum of the earth.

@frugal.rock interesting post mate and I do agree to an extent but end of the day it is a stock code to me.

Your comments above could be said about a number of businesses and the unethical management teams that takes their exorbitant salaries and ruins the lives of investors gambling on a speccie stock, so in my opinion if you buying something less than say ~ $0.10 then you are gambling yourself but just in a different form.

I think that you know that the only winner with gambling is the house which has been the same since.... well a very very long time

 

[jbocker]

I expected a bigger backlash in share price. Maybe they make more money in resorts and laundering? than I imagined.
Well what intrigues me if laundering was one issue which prevented CWN obtaining its licence in NSW, then where was the laundering done and are those licences being revoked? Who is gonna look under that carpet?

 

[Austwide]

ABC news

The Victorian Government is under serious pressure over its regulation of Crown Casino after a NSW inquiry deemed the company was not suitable to hold a licence.

The damning findings have raised questions about the efficacy of the Victorian gambling regulator, with much of the evidence against Crown based on events and behaviour associated with the Melbourne casino.

The Andrews Government has already brought forward the five-yearly review of Crown's license in Melbourne to 2021, but that will still be carried out by the Victorian Commission for Gambling and Liquor Regulation (VCGLR).

 

[jbocker]

ABC news

The Victorian Government is under serious pressure over its regulation of Crown Casino after a NSW inquiry deemed the company was not suitable to hold a licence.

The damning findings have raised questions about the efficacy of the Victorian gambling regulator, with much of the evidence against Crown based on events and behaviour associated with the Melbourne casino.

The Andrews Government has already brought forward the five-yearly review of Crown's license in Melbourne to 2021, but that will still be carried out by the Victorian Commission for Gambling and Liquor Regulation (VCGLR).

OK someone IS gonna look under the carpet. I daresay this will shake the share price a lot further!

 

[Dona Ferentes]

board will change. Noises will be made. New carpet laid. But really, govts are too dependent on the revenue to do much. And besides, its better to have all the clowns in one place with CCTV and lightly taxed than revert to dens in Chinatown and suburban taverns.

 

[Austwide]

DF Your script has started, 2 directors down. ABC News

Crown Resorts directors Guy Jalland and Michael Johnston have resigned less than 24 hours after a scathing report all but detonated the company's hopes of opening Sydney's second casino.

 

[Dona Ferentes]

Crown Barangaroo is open with 9 restaurants; and the hotel is functioning ... rooms for $800 a night. And of course most of the tower consists of apartments, pre-sold.

 

[jbocker]

WA state premier has spoken about the findings and it looks like they will have a good look at Crown, they wont remove their licence immediately as there are 5500 people employed, but it would appear Crown will be under a review. State solicitors are going to review the findings in the judicial enquiry and advise the Gaming and Wagering commission on legal position who then will report to govt. The govt wants to stamp out the criminality and will work with the NSW and Victorian governments to have a consistent outcome.

Well there might be a big stick coming their way. McGowan has established a reputation for being tough on doing the right thing.

I daresay the Crown Melbourne will undergo similar reviews.

Share Price might cop some more stick till this is cleared up.

 

[frugal.rock]

And besides, its better to have all the clowns in one place with CCTV and lightly taxed than revert to dens in Chinatown and suburban taverns.

It's a lot more glamorous isn't it ?!

One could reminisce about the old days though, with the gambling dens and the opium trade, where you could lose your shirt, then a kidney, should you partake of the "dragons smoke" to ease your losses...

 

[basilio]

Interesting to see why Crown Management has ended up in deep dooda over it's criminal and reckless behavior.
Excellent story IMV and highlights the importance of independent, investigative journalism to expose corruption. More kudos for the ABC

There is no way this could have happened via criminal investigations.

How a junior employee on $27,000 helped bring down James Packer's billion-dollar Crown empire​

7.30
/
By Grace Tobin
Posted Yesterday at 5:57am

Former Crown employee Jenny Jiang is suing the company for damages.(ABC News)
Share


As Crown Resorts continues to "blow itself up" to save itself from the damning findings of a NSW inquiry that has so far seen three directors resign, the company may wish to ponder how the $2.2 billion saga could have been averted if Crown had just compensated and apologised to a junior employee for putting her in danger in China.

Jenny Jiang was one of 19 employees arrested and jailed in October 2016 for breaking Chinese gambling laws.
The administration assistant was "imprisoned for simply doing her job", according to the final report of inquiry commissioner Patricia Bergin.

The findings show Crown "behaved recklessly" in China, where its "aggressive pursuit of profit was favoured to the disregard of the welfare of the employees in China".

It backs up what Ms Jiang has long claimed.

"I can say that it's ruined my life," she told 7.30 last year.
"I [will] have this criminal record for the rest of my life."

After being released from prison in 2016, Ms Jiang said she was traumatised. But instead of being supported by her employer, she lost her job with Crown.

Ms Jiang asked Crown to acknowledge its wrongdoing and to compensate her, not only for the loss of her job and income, but for ongoing psychological suffering.

Crown offered to pay her $60,000 in return for Ms Jiang not publicly criticising the company.
She refused the offer.

How a junior employee on $27,000 helped bring down James Packer's billion-dollar empire

Crown Resorts may be pondering how its current predicament could have been averted if the company had just compensated and apologised to a junior employee for putting her in danger in China.

www.abc.net.au

 

[basilio]

The Gambling Industry makes billions for its owners and supporters (read State Governments) . However it is a ongoing long term project to keep public opinion onside. The industry has long experience in massaging reports on the impact of gambling on the community.

This is an excellent analysis of just how effectively the industry protects its investors and their interests to ensure gaming companies offer high long term dividends.

The lie of ‘responsible gambling’

Australia’s world-beating gambling addiction and the deception hiding it

Australians are the biggest gamblers on earth, losing more than $24 billion a year. According to The Economist, gambling losses of $1068 per adult in 2017 were 40 per cent higher than in the next highest country, Singapore, more than twice as high as in the United States, about three times the level in the United Kingdom, more than four times that in Germany and France and 30 times as large as those in Ireland.

One explanation for Australia’s world-record gambling spend is cultural preference. From Birdsville to the trenches, a love of the punt has supposedly been central to national identity.

The other explanation for why Australians became the world’s biggest gamblers during the 1990s was that the expansion of gambling was a deliberate government policy choice.

The lie of ‘responsible gambling’

Australia’s world-beating gambling addiction and the deception hiding it

www.themonthly.com.au

 

[basilio]

So Crown has been officially told it is not suitable to hold a casino license.
Where does that leave it holding a (costly) built casino and unable to run the operation ? Sell ? To whom ? For how much ?

What will be the impact on projected earnings ?

Regulator tells Crown Resorts it can no longer hold Sydney casino licence

NSW's Independent Liquor and Gaming Authority acts on the findings of an explosive report and officially informs Crown Resorts it is no longer suitable to hold the licence for its already-completed Sydney casino.

www.abc.net.au

 

[bk1]

None of the above..

"The company will be given the opportunity to address the breaches, in a bid to open the casino at Barangaroo in the future."

"It said a consultation process with the Independent Liquor and Gaming Authority (ILGA) had commenced"

Nothing to see here, merely sound and fury by the ill informed.

 

[basilio]

Victorian Government has announced a Royal Commission into Crown Casino.
Meanwhile Harold Mitchell joins three other Board members and the CEO who have resigned.

I think a Royal Commission will shake out all sorts of stories about behaviors associated with Crown Casino. Won't do much for business or their SP IMO. Be very interesting to see the impact on the SP tomorrow

------------------------------------------------------------------------------------------------------------------------
Some years ago I was friends with an ambulance driver. He told me there were scores of people who had suicided in the Crowns toilets after losing their shirts in the Casino. However none of these suicides was ever documented as happening on the premises. I'm sure this would be widely know in various medical circles. Be interesting to see if it surfaces in the inquiry.

Crown to face scrutiny in 'long overdue' Victorian royal commission

Crown Resorts' suitability to run Melbourne's casino will be tested by a new royal commission in Victoria, after a damning NSW inquiry finding the gambling giant was not suitable to hold a casino licence. The news comes as another Crown director resigns from the board.

www.abc.net.au

 

[sptrawler]

board will change. Noises will be made. New carpet laid. But really, govts are too dependent on the revenue to do much. And besides, its better to have all the clowns in one place with CCTV and lightly taxed than revert to dens in Chinatown and suburban taverns.

I think you have pretty well nailed it there Dona.
There will be a lot of poo pahing and chest thumping, many will be thrown on the scape goat scrap heap, but unless they close down gambling there is no point in stopping Crown.
As you say they are a quasi tax department, that takes the excess money, from those who want to give it away. At least it is a central collection point.
Just implement tighter regulations, it is a bit like the banks, they report they have a problem and then the Government fines them and tells them to fix it.
Maybe the Government needs to fix its monitoring procedures? To ensure the Banks and Casino's etc have the procedures in place to comply.

The way all this is being overseen, is a bit like asking motorists to report if they have been speeding, weird way to run a system a bit ar$e about IMO, how many institutions are non complying?
Anyway a bit off thread, but it may well be a buying opportunity presenting IMO, not that I'm interested in casinos.
Just my thoughts.

 

[basilio]

The situation with Crown casino license is looking darker and darker. The Royal Commission is uncovering more evidence of malpractice and attempts at trying to heavying the State Government into protecting it's license.

And now a number of former inspectors at Crown had blown the whistle on practices in the casino.

If they lose their license SP has to go south in a hurry

Independent investigation to probe Crown Casino allegations aired by former inspectors

The investigation comes in the wake of Four Corners featuring five former casino inspectors who say their concerns about criminal activity were ignored.

www.abc.net.au

Crown has been a blind spot for Victorian governments, but it's getting harder to look away

When inspectors tell their bosses that Crown casino has been exposed to organised crime, but nothing happens, you know Victorian governments have a major blind spot, writes Richard Willingham.

www.abc.net.au

Watchdog or lapdog? How the casino regulator failed to stop crime at Crown

Four Corners is the home of Australian investigative journalism.

www.abc.net.au

 

[basilio]

Getting to the pointy end of Former Judge Ray Finklesteins investigation into Crown suitability to hold the Casino license in Victoria.

His inquiry has uncovered even more criminal behaviours by management. If he decides Crown isn't suitable to hold a gambling license because of their repeated breaking of rules the way is open for a new owner. Would be a big hit on the shares.

Heavy is the Crown: future of Melbourne’s gaming giant at stake in royal commission

Commissioner Ray Finkelstein will decide whether Crown Resorts is fit to hold a licence for its biggest casino after alleged wrongdoings

www.theguardian.com

 

[Garpal Gumnut]

Something that always gets boards concerned.

CWN in strife.

From The Australian this afternoon.

The auditors of billionaire James Packer’s Crown Resorts has issued a formal warning there is a “material uncertainty” and “significant doubt” that the casino empire will be able to continue as a “going concern”.
The dire warning from Crown’s new auditor KPMG, which was appointed in August last year, was included in the gaming group’s just released annual report.

In its Crown audit report dated September 9, KPMG partner Rachel Milum said “a material uncertainty exists that may cast significant doubt on the Group’s ability to continue as a going concern and, therefore, whether it will realise its assets and discharge its liabilities in the normal course of business”.

​

Top-tier accounting firm KPMG said it had based its opinion on several factors, including the likely continued impact of Covid-19 on Crown’s operations and the “ongoing legal and regulatory matters” unfolding at the group.

gg