It must be a worry for investors, will CWN end up like TEN - A...

It must be a worry for investors, will CWN end up like TEN - A quote from the Australian 9/9/21

What are newly-named Crown Resorts chair (probity pending) Ziggy Switkowski and boss (probity pending) Steve McCann really getting themselves into?

As if things couldn’t get any worse for billionaire James Packer’s casino empire, its brand new auditor, Rachel Milum and her team from top-tier accounting firm KPMG, have issued a formal warning that there is a “material uncertainty” and “significant doubt” that Crown will be able to continue as a “going concern”.

In its Crown audit report dated September 9, Milum said “a material uncertainty exists that may cast significant doubt on the group’s ability to continue as a going concern and, therefore, whether it will realise its assets and discharge its liabilities in the normal course of business”.

KPMG has also identified several “key audit matters” in the Crown accounts for the 2021 financial year, including “estimate uncertainty” associated with “provisions and contingent liabilities” and Crown’s “valuation of goodwill and intangible assets”.