Crown Resorts cited 'macro-economic challenges' for its decision this week to close one of its two gaming floors and shed 95 staff, just a year after it opened in Sydney's tallest skyscraper.
abc.net.au/news/what-s-crown-sydney-casino-future-after-downsizing/102777528The future of Crown Resorts' Sydney casino will hinge on whether it can diversify away from high-rollers, experts say, as economic conditions force the company to close one of its floors and shed almost 100 staff.
He said an economic downturn in China, the main source of outbound high-rolling gamblers, and the Chinese government's crackdown on junkets had left Crown's Sydney business "high and dry". The casino is prohibited from engaging with junket operators, after an earlier inquiry found Crown was turning a blind eye to money laundering in its Melbourne and Perth casinos.Crown and the Australian Transaction Reports and Analysis Centre agreed to a $450 million penaltyBen Lee says the VIP market in Macau has also been hit by China's crackdown on junkets.
It comes amid negotiations between Crown and the Minns government about a proposed gaming tax increase. Dr Livingstone said that would likely mean a pivot to poker machines, though they are not permitted under the restricted licence Crown currently holds in Sydney.
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