Crown Melbourne and Burswood have been served with a statement outlining AUSTRAC, commencing action related to the Anti-Money Laundering and Counter-Terrorism Financing

Crown saya they have remediation plan and that this has previously been disclosed in the FY21 annual report.

The market reacted with, well, nothing. Still this is not something any business could welcome as a distraction.

The problem looks like it will be transferred to Blackstone who has been chasing the business for some time. Not a done deal, however, it looks like Packer and the board will accept the takeover offer from Blackstone at $8.9B

Crown enters implementation deed with Blackstone. For shareholders it looks like 4x aspirational debutante, Blackstone, is finally making it to the ball.

Subject to shareholder (and after four attempts you would expect this to be a formality, acknowledging James Packer owns 37%) and regulatory approval.

Regulatory approval may be the bigger hurdle, although you would think an entity remaining engaged in the pursuit for more than a year would have canvased regulators on the rectification requirements relating to significant governance misgivings.

It was only a year ago that the Independent Liquor and Gaming Authority (ILGA) instructed Crown must either offer up a major program of reform for the company to the NSW regulator, including enhanced money-laundering protections and a wholesale cleanout of its board, or lose its Sydney casino licence, and possibly licences in other states.

Barangaroo casino is still not open although Crown has indicated it will open early this year.