Yesterday, Billionaire casino tycoon James Packer acknowledged he may have to sell down his major shareholding in Crown Resorts so it can keep the license for its new $2.2 billion casino at Barangaroo in Sydney.
Crown has been in crisis since June last year when The Age, The Sydney Morning Herald, and 60 Minutes revealed the casino was used to launder drug money and was connected to people linked to organised crime gangs in Asia.
As a result of the investigation, the NSW Independent Liquor and Gaming Authority launched an inquiry in February to investigate the revelations and a controversial deal Packer initiated in May to sell one-fifth of Crown to another casino group, Melco Resorts.
The inquiry report will determine whether or not Crown should keep the license for its new casino at Barangaroo, which is intending on opening in December.
In this episode, senior culture writer Nathanael Cooper is joined by business reporter Patrick Hatch to break down the inquiry into Crown.