Crown Resorts has swung back into the black with a $142 million profit and has declared its fully repaid its hefty penalty for anti-money laundering and counter-terrorism financing breaches.
Crown chief executive David Tsai used a Business News event this morning to delve into the challenges and future of the state's only casino, and the controversial Burswood racetrack.
Paul Papalia says he's confident steps taken by Crown Perth to address money laundering concerns have been adequate, and revealed no further penalties would be imposed.
The Crown Perth board has appointed former WA treasurer Ben Wyatt as the incoming chair of the casino, hotel and entertainment business and promoted its financial chief to the top role.
Crown Resorts chief executive Ciarán Carruthers will depart the company, with former Crown Perth chief executive David Tsai to step into the role from September.
Crown Perth will undergo a global search for a new chief executive after David Tsai was appointed in a national role with the resort and entertainment group.
A federal court judge has determined Crown Resorts is to pay the $450 million penalty put forward by AUSTRAC and the casino operator for its raft of breaches of Australia's anti-money laundering laws.
Crown Perth employees have received back pay up to $55,000 to correct the resort and casino operator's underpayment of more than $1 million to staff in WA and Melbourne over a six-year period.
Crown Perth chair John Van Der Wielen has spoken bluntly about the ‘appalling' failures of the besieged casino, but has avowed the Blackstone-owned organisation can and will be turned around.
Crown Resorts could be in for a $450 million fine as part of an agreed penalty for anti-money laundering and counter-terrorism financing breaches across its Perth and Melbourne operations.
Our weekly appointments wrap includes Cassandra Jordan, Malinda Nixon, Chris Eyres, Mark Treasure, John Van Der Wielen, Gavin Tucker, Taylor Conway, Jeremy Hofland, and David Miller.
Regulation of Crown's Perth operations will be overhauled in line with the Royal Commission's suggestions, but the government has declined to act on several of the inquiry's proposed reforms.
Australia's corporate regulator has launched legal proceedings against 11 directors and officers of The Star Entertainment Group and again defended not taking similar action against Crown Resorts.
An independent monitor has been appointed to oversee the operation of the Perth casino as the Crown Group works to establish its suitability to hold a casino licence.
Crown Resorts new group chief executive has publicly questioned the honesty of Wayne Carey amid the white powder scandal engulfing the former AFL star.
Crown Resorts boss Steve McCann has stepped down after just over a year in the top job, as John Van Der Wielen is sworn in as casino licensee Burswood Limited's new chair.
Blackstone has detailed two development opportunities at Burswood, confirmed John Van Der Wielen as its local chair and conceded governance of its casinos is a work in progress.
The state government has introduced new laws to bolster the gambling watchdog's powers and lift the maximum penalty for non-compliance to $100 million.
The Federal Court has cleared the way for private equity giant Blackstone Group to take over the troubled Crown Resorts business, the last major hurdle for the $8.9 billion acquisition to go ahead.
US private equity giant Blackstone Group is set to proceed with its takeover of Crown Resorts after gaining the final key approval from the WA government, which shied away from a major overhaul of the casino's governance.
UPDATED: WA's casino watchdog has completed its probity review of Crown Resorts' bidder Blackstone Group and handed the results to the minister for a final decision.
Crown has been handed an $80 million fine by the Victorian gambling watchdog and warned there could be more to come as the fallout from the Royal Commission continues.
Blackstone's $8.9 billion proposal to buy Crown Resorts has won over shareholders, but the deal still hinges on gaming regulatory approval from Victoria, NSW and Western Australia.
Business leader John Poynton has detailed the challenging year he has endured, dissecting his role at Crown and the retention of Nev Power on the Strike Energy board.
Approval from the Foreign Investment Review Board means Rio can finalise its $825 million Rincon project buy, while Crown moves ahead with a proposed $8.9 billion Blackstone deal.
ANALYSIS: The royal commission had very few surprises, other than its failure to draw clear conclusions on some of the key issues or the top people who ran the casino.
Despite the damning findings handed down by the Perth Casino Royal Commission, Crown will be allowed to continue trading under the watchful eye of a new independent monitor.
Australia's top corporate regulator said today there was not a strong basis to take legal action against the directors of Crown Resorts, despite the revelations in three major inquiries.
The nation's financial intelligence agency is set to take Crown Perth to the Federal Court over claims it breached anti-money laundering and counter-terrorism financing laws.
