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Shares in Crown Resorts on the Australian market have gained 0.36 per cent to trade for $8.38 in early morning trade. Crown Resorts (ASX:CWN) shares traded down by over 8% during the morning trade on ASX after the casino giant announced that AUSTRAC is investigating its Melbourne site.

Legally, $100,000 cash is the limit. Although the hammer only seems to be falling on Crown just recently, numerous red flags surrounding its relationship with Suncity were apparent in years prior.

However, Coonan didn't attribute it to "turning a blind eye", rather, on "ineptitude". Crown Resorts Ltd (ASX:CWN) issued its earnings results on Wednesday, February, 20th. Over the recent past, the NSW Independent Liquor & Gaming Authority has undertaken an enquiry into the Sydney site and Crown Resorts’ management. The company reported $0.26 earnings per share (EPS) for the quarter, missing the Zacks' consensus estimate of $0.29 by $0.04. The AUSTRAC investigation stems from Crown's alleged relationship with a 'junket' gambling group. CIMIC Group (CIM) has failed to recover more than $1 billion in contract assets after its protracted dispute with Chevron finally came to, Downer EDI (DOW) has announced the Link Alliance has won two contracts, worth NZ$825 million (approx A$770 million) for Auckland’s City Rail Link. Crown Resorts (CWN) Chair Helen Coonan has admitted the casino group enabled money laundering at its Melbourne location. Helen Coonan claimed on Tuesday that Crown management had begun making changes to its method of combatting money laundering, as well as suspending junkets with a review to follow. The Crown Resorts Ltd (ASX: CWN) share price has started the week in terrible form and is sinking notably lower on Monday. AUSTRAC even pressed Crown on its relationship with Alvin Chau the same year. From the ongoing inquiries into Crown this week, Helen Coonan dropped the bombshell admitting that Suncity was using, and laundering, its dirty money at the Melbourne gambling spot. Now just a day later, Crown Chair Helen Coonan has given up significant information under a probe by the NSW Independent Liquor and Gaming Authority. However, Coonan was adamant that the laundering was not actively allowed, but rather a mistake by management. Junket is a term used to describe groups of VIP, and wealthy, gamblers that will travel to casinos and be treated with private rooms and games.
While there is nothing inherently wrong with junkets, Crown was accused of associating with one known as 'Suncity', operated by an alleged former triad member: Alvin Chau. The Crown Resorts Ltd (ASX: CWN) share price has started the week in terrible form and is sinking notably lower on Monday. Find the latest CROWN FPO (CWN.AX) stock quote, history, news and other vital information to help you with your stock trading and investing. ASX-200 lister Corporate Travel Management (CTD) has completed the retail component of its entitlement offer, raising another $113 million. Crown Resorts has an annual general meeting scheduled for this Thursday.

Rare earth miner Lynas Corporation (LYC) has released its Q1 FY21 report, showing the company started the financial year off strong. From two consecutive days of questioning, Coonan admitted knowledge of the wrong doing on the Crown premises. KLA Kirkland Lake Gold (ASX:KLA) intercepts high-grade gold at Macassa; CWN Crown (ASX:CWN) Chair admits to 'enabling' money laundering; CIM CIMIC Group (ASX:CIM) faces $1B write-off over Chevron dispute; ORN Orion Minerals (ASX:ORN) begins drilling at regional targets in South Africa; ID8 Identitii (ASX:ID8) begins first Mastercard project under five-year agreement
On Monday, the Australian Transaction Reports and Analysis Centre (AUSTRAC) launched a formal investigation into the group's Melbourne casino over suspicion of breaching anti-money laundering laws. BrainChip (ASX:BRN) bolsters balance sheet, launches investor podcast, ASX Today: Momentum points to positive start, Piedmont Lithium (ASX:PLL) enters two trading halts after ADS announcement, Resolute Mining’s (ASX:RSG) CEO and Managing Director steps down, AUSTRAC launches formal investigation into Crown Resorts (ASX:CWN), Raiden Resources (ASX:RDN) completes maiden drilling at Kalabak, Emerge Gaming (ASX:EM1) shares soar as three million gamers pre-subscribe to MIGGSTER, A Crown Resorts (CWN) Chair has admitted the group enabled money laundering at its Melbourne premises, The bombshell dropped after executive Helen Coonan underwent her second day of questioning, Currently, the gambling group is under pressure by the Australian Transaction Reports and Analysis Centre and the NSW Independent Liquor and Gaming Authority, For several years prior to 2020, a travelling gambling group was operating a private room at the Crown Melbourne location, alleged to have used dirty money with ties to a former Triad member, Coonan conceded the use of dirty cash on Tuesday, but attributed it to "ineptitude" and not "turning a blind eye", Shares in Crown Resorts have gained 0.36 per cent to trade for $8.38.

Suncity, originating from Macau, was actually running a private room at Crown Melbourne up until the end of 2019. Footage from 2017 showed cash, worth tens of thousands of dollars, being exchanged for chips on the premises. As well in 2018, an audit revealed $5.6 million in cash stored in the private room. View Crown Resorts' earnings history.

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