According to reports, the Victorian royal commission in Australia is investigating Crown Resorts Limited's fitness for a local gaming licence and has been informed that the casino operator's chief executive officer would be leaving later this month.

The Melbourne-based company, according to a report from the Australian Broadcasting Corporation, stated that Xavier Walsh will "cease his role" as its leader beginning on August 20 but "remain available to assist the company" until the official end of his contract on December 9.

Important repercussions

Former Federal Court Judge Ray Finkelstein is leading an official royal commission inquiry into Crown Resorts Limited, which may lead to the suspension or revocation of the company's Victoria gaming licence for the massive Crown Melbourne complex. This investigation was started after the New South Wales regulator last year rejected the company's proposal to add casino gambling to its new Crown Sydney property due to a number of claims of money laundering related to its prior usage of overseas junket companies.

Unpleasant admission

According to the Australian Broadcasting Corporation, Adrian Finanzio, a lawyer assisting the three-member royal commission, declared in July that Walsh and the company's executive chair, Helen Coonan, were not the right people to help the business reform. Walsh also claimed that Crown Resorts Limited was unfit to hold a gambling licence for Victoria. The company's attorney, Michael Borsky, recognised that the operator has exhibited multiple failings as a corporation, despite the fact that the later person is still in their position. This led to the discovery that the former person is leaving.

Changes to regulations:

Additionally, according to reports, Borsky suggested that a separate supervisor be appointed to monitor Victoria's Crown Resorts Limited. This is allegedly one of the main reasons why Premier Daniel Andrews' administration announced the establishment of the new Victorian Gambling and Casino Control Commission, which will take the place of the current Victorian Commission for Gambling and Liquor Regulation as the main gambling watchdog for the state.

read a comment allegedly made by Borsky...

"Crown Resorts Limited and its top officials acknowledge that there has been a significant and justified decline in the public's confidence and trust in its Melbourne operations as a result of its own mistakes. Crown Resorts Limited is qualified to keep the casino licence, but because that qualification is conditional upon the implementation of the changes, it acknowledges that an impartial monitor or supervisor should be appointed to oversee Crown Resorts Limited.

Operator proposal:

The final report from the Victoria royal commission, which is being followed in Western Australia by a similar investigation into the 1,196-room Crown Perth facility owned by Crown Resorts Limited, is not scheduled to be released until October. However, counsel for the Sydney-listed company has allegedly already put out a variety of ideas for showing remorse, including paying back taxes owed and putting policies in place that would let it continue operating while also making amends for prior errors.