Royal Commissioner, Ray Finkelstein, QC, has come up with a deeply flawed plan for keeping an eye on Crown Melbourne as it undertakes its corporate makeover.
Royal commissioner, Ray Finkelstein, QC, tried to paint his report as granting Crown Melbourne one last chance at corporate redemption.
The punters knew better. They pushed the share price of Crown Resorts up by almost 9 per cent, and that of rival Star Entertainment Group up by more than 4 per cent because they figured that Finkelstein’s decision meant that no matter how badly a casino operator behaved, there was now no chance it would ever forfeit its licence.
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Jill Margo was a senior writer at The Australian Financial Review.
