Crown Resorts has entered into a trading halt on the Australian stock market as the gaming and hospitality giant awaits a potentially damning inquiry report.
Later this afternoon the New South Wales Independent Liquor and Gaming Authority will release the findings of a report by Commissioner Patricia Bergin into Crown's suitability to hold a casino licence.
The decision has the potential to have broad implications for the group's brand new $2.2 billion casino at Barangaroo Sydney, which has only been allowed to open its restaurants and hotels.
READ MORE: NSW gaming regulator tells Crown to delay Sydney casino opening
In a note to shareholders, Crown said it would make an announcement following the report.
"Crown intends to make an announcement following receipt of the Inquiry Report," a letter from Mary Manos, Crown's Company secretary, reads.
"Crown wishes the trading halt to last until the earlier of the commencement of trading on 11 February 2021 and when the announcement is released to the market.
"Crown is not aware of any reason why a trading halt should not be granted."
READ MORE: Crown's Melbourne licence review fast-tracked
What is Commissioner Bergin's report into Crown Resorts?
The report by Commissioner Patricia Bergin, a former judge of the Supreme Court of New South Wales, follows an 18-month investigation into the casino operator.
An inquiry was ordered after a series of allegations surfaced that Crown's facilities were being used by organised crime syndicates to launder money.
Other allegations included potential breaches of gambling laws and partnering with junket operators with links to drug traffickers and organised crime.
READ MORE: NSW taxpayers may pay for Crown setback
In October 2020 Australia's financial watchdog AUSTRAC informed Crown that it had identified potential non-compliance by its Melbourne Casino in abiding to anti-money laundering and counter-terrorism financing rules.
The casino giant said the concerns were largely over the record-keeping of the operation.
Commissioner Bergin will assess whether Crown is capable of responding to the "emerging risks for gaming and casinos" and will identify recommendations for the gaming operator.
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