Here's an independent opinion from Prof Helen Bird, Corporate Governance & Corporate Law, Swinburne University... (1) Feed | LinkedIn
"The tipping point for Crown Resorts has been reached:
1. Counsel assisting the Royal Commission into Crown Casino (Victoria) submitted this morning that Crown Resorts is not suitable to hold a Victorian Casino Licence.
2. This is a submission, not a Commission finding or recommendation, which are due in October 2021. However, this submission appears to align with Commissioner Finklestein's views.
3. If this recommendation is made, the critical decision (whether to act on the recommendation) will then pass to the Victorian government and specifically to Dan Andrews, Premier.
3. For Crown Casino, the writing is on the wall. They have arguably known this for sometime, given the early July 2021 letter sent by Board Chair, Helen Coonan, to the Vic Government trying to get the RC suspended so Crown could negotiate with the government.
4. Nothing is working for Crown. Preservation of the Victoria licence is mission critical to the solvent operation of its Victorian business and in turn, to its 12,000 employees and subcontractors, its investors (including retirees and pension funds) and the base $35m per year paid in state government taxes.
5. The three takeover offers for Crown will surely be withdrawn if the Crown licence is revoked.
6. Crown must now act immediately to preserve what little chance it has to maintain its licence.
7. All board members and senior executives from the "Old Crown" era must now resign, effective immediately. Yes, Helen Coonan and the current CEO of Victorian operations.
8. The takeover process: must come to the fore and be fast tracked by the Company making a formal recommendation & the Victorian regulator giving regulatory approvals.
There is simply no room here for hubris and arrogance."
I 100% agree!
What Do You Think?
CWN Price at posting:
$10.55 Sentiment: None Disclosure: Not Held
