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The entire board of James Packer’s Crown Resorts should resign over the casino group’s licensing crisis, corporate governance experts say. A scathing report on Crown, tabled in NSW parliament on Tuesday, has prompted a week of boardroom bloodletting at the company, with three directors so far resigning and at least one more set to follow. ....
Packer’s Casino Dream Dashed as Crown Seen Unfit for License Bloomberg 2/10/2021 Angus Whitley (Bloomberg) Billionaire James Packer’s dream of opening a landmark casino in his home city of Sydney hangs in the balance after a damning report into money laundering and organized crime links found Crown Resorts Ltd. isn’t fit to hold a gaming license. The company’s stock fell. In an excoriating report released Tuesday, retired judge Patricia Bergin recommended that Packer, Crown’s largest shareholder with a 36% stake, be subject to a 10% ownership cap that requires special permission to be lifted. She called for the departure of the CEO and key directors and an overhaul of the firm’s culture and governance before the casino can open. ....
Billionaire James Packer’s dream of opening a landmark casino in his home city of Sydney hangs in the balance after a damning report into money laundering and organized crime links found Crown Resorts Ltd. isn’t fit to hold a gaming license. The company’s stock fell. ....