Crown Resorts, the Australian casino operator, is nearing the end of its redemption story after facing multiple regulatory inquiries and compliance failures over the past three years. With a new Board of Directors, executive team, and ownership under The Blackstone Group, which acquired the company for AU$8.9 billion (US$6.5 billion) last year, Crown Resorts is eagerly awaiting the verdict on whether it has done enough to regain its casino license, which will be announced in early 2024.
One of the key figures behind Crown Resorts’ transformation is Ciarán Carruthers. As a veteran gaming executive with vast experience in Macau, including roles at Galaxy Entertainment Group, Sands China’s Venetian and Plaza, and as Chief Operating Officer of Wynn Macau Resort, Carruthers was brought in by Blackstone due to his outstanding reputation in the competitive Macau market. He has worked tirelessly to ensure Crown Resorts meets all requirements by strengthening compliance and responsible gambling teams. The company is also set to introduce cashless gaming and mandatory carded play, which will be implemented by December. In addition, Crown Resorts launched a new branding campaign in September.
However, the path to redemption has been challenging for Crown Resorts. The company has already faced fines totaling AU$250 million (US$172 million) for its past transgressions and recently reached a AU$450 million (US$293 million) settlement with financial crimes watchdog AUSTRAC.
Despite the obstacles, there is positive news on the horizon. Blackstone has pledged to invest hundreds of millions of dollars to revitalize Crown’s Australian resorts, with a particular focus on the aging Crown Melbourne. This commitment from Blackstone is promising for Carruthers, who has spent two decades in Macau’s world-class resorts and understands the importance of upgrading and modernizing facilities to remain competitive.
The progress made by Crown Resorts, under the guidance of Ciarán Carruthers and with the support of Blackstone, will determine whether the company can successfully regain its casino license. The efforts to strengthen compliance, enhance responsible gambling measures, and introduce new initiatives such as cashless gaming demonstrate Crown Resorts’ commitment to addressing past issues and ensuring a secure and responsible gambling environment for its patrons.
As the final verdict looms, Crown Resorts is holding its breath, hoping that its redemption story will end on a positive note. The investment from Blackstone and the leadership of Ciarán Carruthers have certainly put the company on the right track, but only time will tell if it has done enough to win back its casino license and regain the trust of regulators and the public.
