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Packer’s Casino Dream Dashed as Crown Seen Unfit for License

  • Inquiry says Sydney resort shouldn’t open without overhaul
  • Proposed shareholding limits may force Packer to cut stake
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Crown Resorts Not Fit to Run Sydney Casino, Inquiry Finds
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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.