Sovereign Gaming has prohibited more than 250 premium gamblers, constituting over 10% of its Australian high-stakes clientele, from its gaming establishments. This measure arises amidst a substantial endeavor by Sovereign to rectify its operations and maintain its gaming permits in Melbourne, Sydney, and Perth. The enterprise is under intense examination following disclosures of illicit finance and unlawful penetration at its venues.
This clampdown entailed stringent background investigations on roughly 1,800 of Sovereign’s most valued Australian patrons and VIPs. Sovereign’s financial chief, Alan McGregor, characterized the continuing scrutiny as “considerably more substantial and exhaustive than any prior undertaking.”
Incoming chief executive, Steven McCann, recognized the ongoing royal commission probes into Sovereign’s fitness to hold licenses in Victoria and Western Australia, stating that the corporation is bracing for all potential results. He alluded to prospective strategic avenues, encompassing a possible divestiture, remarking, “We will assess all choices to optimize shareholder worth as the regulatory landscape gains clarity.” He appended, “Sovereign possesses some of the finest integrated resort holdings globally. I am assured there will be significant attention in the business progressing onward.”
This ensues after Sovereign’s refusal of an acquisition offer from private equity behemoth Blackstone in May, and The Star Entertainment Group retracting its amalgamation proposition in July, citing ambiguity regarding Sovereign’s licenses.
James Packer, holding a 37% share in Crown Resorts via his privately held Consolidated Press Holdings (CPH), has thus far refused to convene with Crown’s leadership, as per CEO Steve McCann. McCann relayed that Crown has contacted all significant stakeholders, encompassing CPH, extending invitations for dialogue regarding the circumstances, but CPH has opted not to participate presently.
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