How James Packer killed his golden egg-laying goose
Crown Resorts’ long-standing habit of grudgingly doing the minimum to comply with its legal and social responsibilities looks set to cost the billionaire dear.
In the end, James Packer will have no one but himself to blame if – as seems likely – his Crown Resorts is stripped of its lucrative Melbourne casino licence.
By driving a culture where the delivery of robust profits eclipsed all other considerations – such as adhering to anti-money laundering laws, or enforcing responsible gambling rules – he exposed Crown to the inevitability of a critical and detailed public examination.
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Karen Maley writes on banking and finance, specialising in financial services, private equity and investment banking. Karen is based in Sydney. Connect with Karen on Twitter. Email Karen at karen.maley@afr.com
