Crown Resorts' auditor on Thursday warned that numerous money-laundering probes into the Australian casino operator and the impact of the COVID-19 pandemic cast 'material' uncertainty over the company's ability to continue as a going concern.
The logo of Australian casino giant Crown Resorts Ltd adorns the hotel and casino complex in Melbourne, Australia, June 13, 2017. REUTERS/Jason Reed/File PhotoIf so, Crown to be required to pay significant penaltiesauditor on Thursday warned that numerous money-laundering probes into the Australian casino operator and the impact of the COVID-19 pandemic cast "material" uncertainty over the company's ability to continue as a going concern.
"If it does so, it is likely that Crown Melbourne and Crown Perth will be required to pay significant civil penalties," it said in its 153-page annual report released on Thursday. If that occurred, the report said Crown had negotiated some waivers with its financiers which would provide "a period of time to negotiate with lenders or otherwise refinance the facilities".
"The conditions disclosed ... indicate a material uncertainty exists that may cast significant doubt on the Group's ability to continue as a going concern," the auditor said in the report.
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