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Crown casino troubles result in Melco not buying James Packer’s shares
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Lawrence Ho and his Melco Resorts have decided to keep their plans to purchase shares of the Crown casino on hold, while the scandal and the investigation on the illegal activities of the casino remain under question. The Hong Kong casino magnate was supposed to purchase James Packer’s shares of the crown casino in order to start expanding their portfolio into a more international one. But, with the ongoing investigation, they have decided to put the plans on hold until further notice.
The Hong Kong side has also said that the trade could be altogether canceled if the investigation results in the decision that the trade deal between the two sides would be unacceptable.
The announcement was made on Wednesday and has been one of the many results of the investigation spearheaded by a number of media companies within Australia. The investigation uncovered that Crown casino was involved with junket companies that are backed by Asian crime gangs and Chinese foreign influence agents. This has caused the launch of an investigation by the NSW Independent Liquor and Gaming Authority and is releasing terms of reference. While the investigation into Crown casino and its operations continue, there is seemingly no negative effect on the industry in general. The demand for Australian casino games is growing, and the industry remains as healthy as always, despite the investigation. But there are certain deals and aspects outside of Australia that the investigation will be concerning.
Within the context of this illegal operation, the sale of the stakes has come under investigation as well. Within the context of the investigation, the father of Melco’s owner, Stanley Ho is under suspicion of having ties to Asian gangs and that the sale might be related to the illegal junket operations. Melco had agreed to the purchase of a stake that is worth around $1.7 billion, with the first 10 percent transfer happening before September 30th.
The current effects of the fallout
The Melco Resorts company has released a statement on the Nasdaq exchange. In the statement the company said that it had agreed with Consolidated Press Holdings to extend the possibility of the deal going through by another 60 days. A representative from CHP announced that they did not consider there was much a breach of an agreement or any law broken. According to them, all of the steps that they had agreed on with Melco had already been taking. But the agreement also has clauses that would result in the deal not going through at all.
Melco did not specify what they would be doing with the 10 percent that they had already purchased from Crown, but the situation might be complicated for them already.
When Crown was granted the license to create their $2 billion casinos by 2021 in Sydney, the casino was given a list of individuals and casinos that it would not be allowed to work with. Stanley Ho, the owner of Melco, was one of the individuals that were part of the original list. The list was made public recently and includes a casino that Stanley Ho owns, and Crown casino has dealt with extensively.
One more company that Crown was not allowed to interact with, the Great Respect Limited, is a 20 percent owner of Melco International. That is the company the Mr. Ho is the chair of, and which has a controlling stake in Melco Resorts, which is the one purchasing stake in Crown. This has put the entire company in a very precarious situation.
The current inquiry is thus important in determining the extent to which the company has managed to breach the terms of the agreement, beyond simply breaking the law. There is no specific time frame for the investigation.
Melco and Crown have been partners in the past, but the partnership was canceled after 19 individuals of the Crown staff were arrested on gambling-related charges.
The two companies were planning to increase their partnership further, but for now, the deal is on hold. It seems that James Packer is to remain the largest shareholder of the casino for now.
Source: Latest News on European Gaming Media Network
This is a Syndicated News piece. Photo credits or photo sources can be found on the source article: Crown casino troubles result in Melco not buying James Packer’s shares
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Gaming Americas Weekly Roundup – February 3-9
Welcome to our weekly roundup of American gambling news again! Here, we are going through the weekly highlights of the American gambling industry which include the latest news and new partnerships. Read on and get updated.
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Governor Joe Lombardo has announced the appointment of Chandeni Sendall to the Nevada Gaming Control Board. Since 2015, Ms. Sendall has served as a Deputy City Attorney for the City of Reno, practicing in the civil division. Before her work in the Reno City Attorney’s Office, Ms. Sendall worked in civil and commercial litigation, served as an in-house legal intern for Caesars Entertainment, and clerked for the Honorable James W. Hardesty at the Nevada Supreme Court. While attending the William S. Boyd School of Law, Ms. Sendall served as the Editor-in-Chief of the UNLV Gaming Law Journal. Before her legal career, she served for several years as an Internal Auditor for Caesars Entertainment.
TheLotter US has send a reminder to customers to be vigilant against online phishing scams and fraudulent websites. With online lottery courier services growing in popularity, cybercriminals often target unsuspecting individuals with fraudulent emails and messages that falsely claim recipients have won a lottery prize. TheLotter Group’s announcement follows their fraud team’s discovery of phishing attempts, including several fraudulent websites impersonating the courier service’s platform.
The Pennsylvania Gaming Control Board has approved three consent agreements presented by its Office of Enforcement Counsel resulting in total fines of $282,205. The largest of the fines is $260,905 and was assessed against Interactive Gaming Operator BetMGM for 152 instances in which an individual on the Board’s Interactive Self-Exclusion List was permitted to gamble on their sites. Licensed operators of iGaming sites in Pennsylvania must deny individuals on the self-exclusion list from establishing or maintaining an interactive gaming site.
Zitro Digital has announced its entry into the newly regulated Brazilian iGaming market. With deep roots in Brazil, Zitro Digital is to bring its portfolio of in-house content to local players, marking a new chapter in the company’s long-standing connection with the country. Brazilian players can now enjoy a selection of Zitro Digital’s slots, including the popular series Fu Frog, as the company introduces its offerings to operators within the country. The move comes as part of Brazil’s ongoing efforts to create a regulated and secure online gaming environment for players, offering a responsible platform for gaming activities.
Partnerships
Everi Holdings Inc in an agreement with 1/ST, North America’s preeminent Thoroughbred horse racing and pari-mutuel wagering company, announced the launch of their new mobile app and wagering experience, Gulfstream Racing. The new Gulfstream Racing App is now available in the Apple App Store. This launch is part of Everi’s strategic expansion into Sports and Entertainment following its acquisition of Venuetize in 2023 and expands the company’s footprint in the horse racing segment. Gulfstream Racing will be a valuable companion app for guests seeking the premier hospitality experience that 1/ST provides.
Payflo Inc. has entered into a partnership with MoneyGram to deliver cash-in and cash-out payment solutions tailored for U.S. gaming, lottery and marker settlement, marking a first-of-its-kind milestone in the industry. Payflo and MoneyGram introduced a customer-driven solution—enabled by the simple integration of Payflo’s advanced payment processing technology with MoneyGram’s technology-powered, extensive network and trusted financial infrastructure.
The post Gaming Americas Weekly Roundup – February 3-9 appeared first on European Gaming Industry News.
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Enjoy the Year of the Wooden Snake with Fortune Snake!
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The post Enjoy the Year of the Wooden Snake with Fortune Snake! appeared first on European Gaming Industry News.
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FairPlay joins Mastercard Start Path, shaping the future of AI-driven finance
Mastercard just announced the latest cohort of Start Path, its award-winning startup engagement program, and FairPlay has been selected as one of the eight companies pioneering the next generation of financial technology.
Why does this matter? AI is playing an increasingly critical role in financial decision-making—determining who gets approved for a loan, what terms they receive, and even how compliance is maintained. But without the right infrastructure, AI models can reinforce old biases instead of driving better, more inclusive outcomes.
“My vision for the future of financial technology is to build fairness infrastructure for financial services, allowing all financial institutions to de-bias their digital decisions in real time,” says Kareem Saleh, CEO of FairPlay.
As part of the Start Path New Networks program, FairPlay will work with Mastercard and its partners to scale solutions that help financial institutions refine their AI models, fix blind spots, and ultimately improve both revenue and outcomes for consumers.
With AI decision-making under increasing regulatory and public scrutiny, this collaboration raises important questions about the future of financial technology that Saleh can speak on:
- How can AI-driven decisioning improve financial inclusion without increasing risk?
- What role will open banking play in making AI models more accurate and transparent?
- How should financial institutions prepare for a future where AI accountability is a market expectation, not just a regulatory requirement?
The post FairPlay joins Mastercard Start Path, shaping the future of AI-driven finance appeared first on European Gaming Industry News.
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