Partner Jamie Nettleton discusses how gambling regulators may review the offer made to Crown by Blackstone in the ‘New owners will be no quick fix for Crown’s casino licence woes’ article published in the SMH on the 22 March 2021.
An extract of the article is below:
Leading gaming industry lawyer Jamie Nettleton said a full takeover of Crown would address some but not all of the concerns gambling regulators in NSW, Victorian and WA had about Crown.
Specifically, it would address James Packer’s 37 per cent shareholding and what the Bergin inquiry called his “deleterious influence” over the company, and also answer questions about who should sit on its depleted board. But each state still needed to be satisfied Crown had put in suitable controls to address money laundering and other regulatory failures exposed in the inquiry.
“Some people will suggest that this is going to make the whole issue go away – it won’t,” Mr Nettleton said. “The real difficulty is that Blackstone itself still needs to go through probity and be very clear about what they’re going to be doing with Crown.”Jamie Nettleton, Partner, Addisons