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From 1 July, the Victorian Liquor Commission is the state’s regulator for liquor licensing matters, while the VGCCC will focus only on the casino and gambling regulation. To make the transition easier, you can still find all key information and online forms here. Premier Daniel Andrews said the government was clearly supportive of requiring punters to make pre-gambling commitments on losses and times, despite declining to commit to doing so statewide. Greens leader Samantha Ratnam said Crown accounted for just 10 per cent of Victoria’s poker machines. Finkelstein found Crown was not suitable to hold a licence in Melbourne, but gave the operator two years to reform because of the harm an immediate shutdown would do to the Victorian economy and to thousands of workers.
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These included 2000 construction jobs, 8000 ongoing and $880 million in “guaranteed” casino taxes over the first 10 years. “If the Victorian Labor government was serious about minimising gambling harm it would introduce these limits everywhere, not just at Crown,” she said. “Some was so callous that it is hard to imagine it could be engaged in by such a well-known corporation,” former Federal Court judge Ray Finkelstein said in his royal commission inquiry. A cash cap of $1000 every 24 hours will need to be implemented by the end of next year to tackle money laundering, and anyone who gambles more than that will have to use casino-issued cards.
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Investors in Star Entertainment have felt the brunt of the Company’s misdeeds, seeing SGR shares plummet dramatically on open following the announcement of the potential reforms. Amounting to nearly 15% on Tuesday alone–on what was already considered a volatile stock, signals an uncertain future for shareholders who may now be considering what lies ahead. The Attorney said further reforms recommended by the Gotterson Report, including strengthening provisions to reduce gambling harm and money laundering, are continuing to be progressed. The reforms also pave the way for a transition to safe cashless gaming which will address some of the money laundering concerns identified in the Gotterson Review. “The reforms also remove any requirement for the Government to compensate casino operators for introducing stronger regulatory laws, as has been done in other states. On 5 April 2016, eligible shareholders were sent a letter together with a Share Retention Form or a Sale Instruction Form , and Terms and Conditions for the relevant share sale facility.
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