REMAKE OF KEY NSW GAMBLING REGS – European Gaming Industry News

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The NSW Independent Liquor & Gaming Authority has approved fund manager Blackstone’s suitability for a casino license in New South Wales, paving the way for the company to become operator of the Crown Sydney casino.

Authority Chairman Philip Crawford said Blackstone had undergone a thorough probity assessment which looked at its ability to address the risks and issues identified in the Bergin report.

“The probity assessment has also resulted in certain individuals being permitted to become ‘close associates’ of Crown Sydney,” Mr Crawford said.

“These approvals are a key milestone in the Authority’s ongoing work to ensure Crown Sydney is able to fully deliver on its commitments to major operational, governance and structural reforms.

“As a prospective owner of Crown Resorts, Blackstone has been required to demonstrate the highest standards of probity as well as a commitment to deliver the full suite of operational changes recommended by the Bergin Inquiry.

“This commitment is key to ensuring that Crown Sydney is free from criminal influence and properly manages the risk of harm associated with casino operations.”

The Authority’s regulatory approvals follow a meeting of Crown shareholders on May 20 which voted overwhelmingly in favor of Blackstone’s takeover bid.

Mr Crawford said Blackstone also had to meet certain conditions under a private equity ownership model.

“These approvals and conditions are contingent on Blackstone obtaining Federal Court approval for its takeover of Crown, as well as the necessary regulatory approvals from regulators in Victoria and Western Australia,” Mr. Crawford said.

“Separately, the Authority has been working closely with Crown on plans to conditionally open games at Crown Sydney

“This would allow the Authority to monitor the Crown’s implementation of its obligations under the revised internal control measures.”

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