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Crown Resorts (ASX:CWN) pushes ahead with Sydney hotel opening
Source: Crown Resorts.
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  • The long-awaited Crown Towers (CWN) hotel in Sydney has finally opened to the public, despite the attached casino being barred from opening
  • The NSW Government has held off from issuing the necessary licence to Crown's new casino amid multiple investigations into money laundering
  • The company is also facing a class-action lawsuit from shareholders in relation to the money laundering scandal
  • The Crown Towers opening comes after the premise was handed a temporary liquor licence by the Independent Liquor & Gaming Authority
  • The hotel, which has been billed as Sydney's most luxurious, forms part of the wider Crown Sydney property in Barangaroo
  • Shares in CWN are trading up 0.62 per cent to $9.78 each

Crown Resorts (CWN) has finally opened its Crown Towers hotel in Sydney — despite the attached casino being barred from opening.

The company once helmed by James Packer has been refused an operating licence for its casino at Barangaroo, amid claims of money laundering.

The NSW gaming regulator has instead stated that it will wait until a crucial Bergin review is completed in February next year before making a final decision on the licence.

Along with the blocked licence, Crown is also facing a class action from its own shareholders who are concerned about the company's management and wider money laundering scandal.

Despite the troubles, though, Crown Resorts has pushed ahead with opening its $1.67 billion skyscraper, known as Crown Towers.

The hotel in Sydney's CBD opened its doors to the public on Monday, after almost seven years worth of planning and construction.

The Towers, which has been labelled Sydney's most luxurious new hotel, forms part of Crown's wider Barangaroo landholdings.

Sydney's Harbour's latest tourism jaunt includes the hotel, apartments, a luxury spa, multiple restaurants and the casino.

The Crown Towers opening yesterday comes after the premise was handed a temporary liquor licence by the NSW Independent Liquor & Gaming Authority.

The authority announced earlier this month that it would issue an interim licence until April 30, 2021.

By then, Commissioner Patricia Bergin's review will have been completed and the authority can make a decision about furthering the liquor approval.

Following the Crown Towers opening, shares in Crown Resorts have rallied a slight 0.62 per cent to $9.78 per share at 11:55 am AEDT.

CWN by the numbers
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