Gamblers take up casino activities for fun. Some of them try their fortune to win big, and the Australian casino industry thrives on this. Experts predicted a bright future with players from across the globe entering the platform and playing their favorite games.
With recent incidents in light, the Australian Casino dream has come crashing down. Lawmakers have even begun to question if the casino industry should continue operating in the country. Crown Resorts Limited and Star Entertainment Group Limited have come to the center for their alleged wrongdoings.
Future Of Australian Casinos Is Under Threat
Allegations against Crown Resorts Limited and Star Entertainment Group Limited are serious, and they deal with money laundering to evade tax and preying on the problem of gamblers based in China. Both casinos have faced four public inquiries in the last 12 months.
Investigators have found evidence to support that they were indeed involved in money laundering activities.
Star Entertainment Group Limited has disguised 1 billion AUD as hotel expenses in its books. However, reality shows that patrons withdrew the money through their Chinese bank cards.
Money Laundering was at its peak in 2019, when the Central Bank of China reported an unusual scale of spending.
During investigations, findings like these have been followed by Executives resigning from their posts.
Like Star Entertainment Group Limited, Crown Resorts Limited faces such allegations. However, it has taken another player down to the sea. Blackstone recently bought Star Entertainment Group Limited for 8.9 billion AUD. Unfortunately for Blackstone, the time could not have been more wrong.
Scrutiny has been strengthened in the Australian casino industry, the compliance cost has been stretched upwards, and the bottom line has started shrinking with time.
With all that in mind, Australian lawmakers are raising questions if their casino industry should survive in the future. Charles Livingstone, an Associate Professor at Monash University, called the Australian casino industry a dreadful example. He added that it could rather be used by anyone running a casino anywhere in the world to learn about the downsides of the casino industry.
Crown Resorts Limited and Star Entertainment Group Limited saw their lives change last year. While various watchdogs have found Crown Resorts Limited unfit for running its casinos in Melbourne, Sydney, and Perth, Start Entertainment Group Limited has gotten closer to getting its license for the Sydney casino canceled.
Blockchain-based casinos are not far away from meeting a similar fate. If the casino industry collapses, the Crypto casino industry will also go down.
Many can call it an unfair move as Crypto casinos have proven more reliable since their establishment. The security and decentralization set them very apart from traditional casinos.
Playing Crypto casino games like Blackjack, Table, Slots, Roulette, and Dice has gained popularity recently. You can click here to explore some of the best sites for Dice games.
Crypto has changed the course for casinos. It has increased the number of players and eliminated the need for staying within the same region.
Even though Crypto is already in question, countries and authorities debate its acceptance and regulation. If either works out in favor of the community, it will be a big boost for Crypto and Crypto-based casinos.
Specifically for Australia, the casino industry has a lot to tackle, while the world may soon be heading towards considering regulated Crypto-based casinos.