The future of Crown Resort’s $2.2 billion Barangaroo hotel and casino hangs in the balance after a damning report deemed the casino giant ‘not suitable’ to hold a Sydney casino licence. 

The 800-page report criticised Crown  as being “arrogant”, and its myriad of problems stemmed from “poor corporate governance, deficient risk management structures and processes and poor corporate culture,”

Crown, presently in a two-day trading halt, issued a brief statement saying it’s “currently considering the Inquiry Report,”

Damon Kitney is the author of The Price of Fortune: The Untold Story of Being James Packer, and says James Packer will likely sell down his 36% stake in the casino giant.

“I think it’s well known that James Packer has had his time with Crown, it’s caused him a lot of grief, I think he wants to diversify his investment portfolio,” Mr Kitney told Brooke Corte.

“Irrespective of these findings he’ll be a seller of that interest,”

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