Australia’s Crown Resorts nixes agreements with founder Packer

In this news, we discuss the Australia’s Crown Resorts nixes agreements with founder Packer.

(Reuters) – Australian casino giant Crown Resorts Ltd CWN.AX said on Wednesday it had ended a confidential information-sharing agreement with billionaire founder and largest shareholder James Packer.

The move comes at a time when the casino mogul’s actions are under scrutiny in an investigation into whether Crown should be allowed to operate its A $ 2.2 billion (A $ 1.56 billion) casino tower. dollars) in Sydney a few months before its scheduled opening.

Packer admitted earlier this month that Crown, in which it has a 35% stake through its privately held Consolidated Press Holdings (CPH), had issued false statements by distancing itself from “junket” tour operators who brought in players. , largely from China.

The media had previously alleged that the players served by Crown had links to organized crime.

Crown said in Wednesday’s statement that it also ended a July 2016 services agreement that allowed it to request services from key CPH executives at pre-agreed hourly rates.

The company is expected to hold its annual general meeting on Thursday.

Report by Shashwat Awasthi in Bangalore; Editing by Shailesh Kuber

Original © Thomson Reuters

Originally posted 2020-10-21 13:46:10.

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