Crown Resorts has officially been informed by the NSW gaming regulator it is no longer suitable to hold the licence for its new Sydney Casino.
In an ASX statement released on Tuesday morning, Crown said it had been informed of the decision and that it had also been found to have breached a clause of the state’s gaming regulations.
It said a consultation process with the Independent Liquor and Gaming Authority (ILGA) had commenced.
The company will be given the opportunity to address the breaches, in a bid to open the casino at Barangaroo in the future.
The decision comes after the release of a scathing report last week, which recommended Crown was unsuitable to hold the gaming licence.
That report, by Commissioner Patricia Bergin, came after a year-long inquiry instigated by the ILGA.
In the week since the Bergin Report was released, there has been several high-profile casualties at Crown, including Chief Executive Ken Barton and non-executive director Andrew Demetriou, who both resigned.
Directors Guy Jalland and Michael Johnston also both resigned.
Chairwoman Helen Coonan has promised to overhaul the company through “branch and root change” but has not given details of what will be implemented.
“The Commissioner has made findings of serious conduct, culture and compliance issues that clearly do not accord with our values,” she said in a statement last week.
“I accept criticism is warranted and reiterate our unreserved apologies for these shortcomings.
“While we have already taken a number of important steps to improve our governance, compliance and culture, I recognise from the Commissioner’s report we have much more to do.”
The hotel, bars and restaurants within Crown’s $2.2 billion Barangaroo tower began opening in December, while the decision on the casino licence was pending.