Australia's Crown settles $94.5M lawsuit for illegally promoting gambling in China
On Friday, Australian operator Crown Resorts stated that it had settled a class-action lawsuit, in which is said that the casino operator failed to inform shareholders of a marketing campaign in China, leading to 16 of its staff being detained in 2016 for illegally promoting gambling, causing its shares to fall a 14%.
The decision to settle comes days after Crown was found unsuitable to hold a gambling license in Melbourne. However, the resort was allowed to continue running under supervision. Crown officials stated that the decision to settle was a “commercial decision” and settled the lawsuit for A$125 million (USD $94.25 million).
The settlement was without an admission of liability and Crown expects to recover a large portion of it from its insurers, which it cautioned was still subject to negotiations.
Crown has been accused of many damaging allegations, including of enabling money laundering and misleading regulators, which a Royal Commission called "disgraceful" in a report published on Tuesday, as reported by Reuters.
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