Whether by coincidence or design the NSW casino regulator has given Barangaroo’s Crown Sydney a gold star and reinstated its full licence just as the second public inquiry into Star Entertainment’s culture enters the pointy end of proceedings.
For the private equity owners of Crown, Blackstone, such an outcome would be the lucky break they could never have contemplated when they purchased the group controlled by James Packer for just under $9 billion in 2022. While Crown’s flagship property in Melbourne has struggled but is viable, the economics of Crown Sydney hadn’t stacked up since the Chinese VIP gamblers disappeared from the Australian casino landscape, well before COVID-19.
The NICC had lost confidence in Cooke but rather than immediately replacing him, the company dug a deeper hole and fortified its position with sandbags. Cooke and Foster seemingly failed to understand that in a fight with the umpire, they were never going to win.
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