Helen Coonan is the key to Crown Resort’s future

The entire future of Crown Resorts and its casinos in three states now rests on the shoulders of one woman.

Crown Resorts chairman Helen Coonan in Sydney. Photographer: Adam Yip

It’s over. James Packer’s 25-year increasingly frenzied journey to build the world’s biggest and best casino group has ended in disastrous and punishing humiliation.

The dream is dead, buried and cremated. Arguably, ultimately at his own hand – the path he chose through Hong Kong and deals with the Ho family, and the ruthless control he exercised over the Crown group.

He can own a penthouse at Barangaroo; he cannot control or even have a significant shareholding in a casino there. IF, there’s a casino there.

There is no way back for Packer personally; there is though for Crown the company.

The enquiry has ruled that both Packer and the Crown company are not “suitable” persons to hold the Barangaroo casino licence.

That leaves Crown right now owning a very expensive hotel and convention centre. Lots of space for conventions – when and if they ever come back.

The enquiry’s conclusion is also a devastating humiliation for BOTH the Victorian Gambling Commission and the Victorian government; and to a slightly lesser extent the same duo in WA.

Crown Resorts chairman Helen Coonan in Sydney. Photographer: Adam Yip

Right now the Crown casino at Southbank in Melbourne – and the same applies to Crown’s casino at Burswood in Perth – is owned by a company, Crown Resorts, ruled not “suitable” to own a casino in NSW; and who’s major and putatively controlling shareholding has been similarly ruled.

There’s no way the two state governments and their gaming authorities can ignore these

devastating conclusions.

On the face it, they have to strip Crown of the two licences. OR – I’ll come back to that rather important ‘or’.

But it gets worse, much worse for especially the Victorian Government and the Victorian

Commission.

All the events and bad behaviour identified in the NSW enquiry that led it to ban both (the current) Crown and Packer from owning a casino licence, took place either literally in or around the casino at Southbank.

And so, right under the noses of the Victorian government and commission – with both of them either not noticing or not caring or, disturbingly, accepting.

Self-evidently, they had to have taken place at Southbank; they couldn’t have happened at

Barangaroo because there was no casino there and there still isn’t. Just a very expensive tall

building.

In simple terms NSW was doing its necessary ‘due diligence’ on Crown and Packer BEFORE letting them open a casino; Victoria – and WA – were totally negligent in failing to perform continuing, necessary and obligatory due diligence.

But as I noted, the report spells out a ‘way back’ for Crown the company to be able to own the Barangaroo casino, but it’s a way back clearly without Packer.

The entire future of Crown and its casinos, in all three states, now rests on the shoulders of former Howard minister Helen Coonan, who became chairman of Crown last year.

The enquiry was clearly impressed by Coonan not just as a witness but as a credible chairman of Crown, able to initiate – or complete - the reforms that would make it a fit and proper casino licence holder.

She will have absolute power to remake both Crown and the Crown board of directors.

If he hasn’t resigned overnight already, CEO Kenneth Barton must do so today. The same goes for former AFL boss Andrew Demetriou and Michael Johnston as directors.

Coonan will be left with a solid group of directors to build from, including former top federal public servant Jane Halton, Guy Jalland and Antonia Korsanos.

Packer’s still dominant 37 per cent shareholding will have to be broken up and sold. It’s both a bad time – no visiting high rollers and limited pokie players - and a good time – booming sharemarkets.

Something that Packer was all-but committed to anyway.