The AFR writes
The NSW gambling regulator has warned that Blackstone faces an “exhaustive” probity process in its $8 billion takeover bid for Crown Resorts, and flagged that any relationship the US private equity group’s casinos have with junket operators in other jurisdictions will be closely scrutinised.
While Blackstone has passed probity in the US state of Nevada to operate casinos in Las Vegas and also been licensed in parts of Europe, the head of the NSW Independent Liquor and Gaming Authority, Philip Crawford, said the state will run its own probity processes and take its time to closely check Blackstone’s credentials.
Forensic accountants at McGrathNicol have been appointed to comb through Blacktone’s affairs.
“They’ve [Blackstone] got to pass probity in this state. It’s quite an exhaustive process. We’ll do extensive due diligence. It will take a long time, well into the second half of the year,” said Mr Crawford, chairman of the eight-member ILGA board.
He said he was in no rush to push through Blackstone’s probity check before Crown is well on the way to implementing the swath of reforms out of the Bergin inquiry, including appointing a new chief executive, four new board members and a new head of internal audit, and running reviews of functional accountability, culture, senior management accountability and Crown’s anti money-laundering program.
Read full report. https://www.afr.com/companies/games-and-wagering/casino-regulator-says-blackstone-faces-exhaustive-probity-process-20210326-p57e8k
