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Crown Resorts has paid back millions of dollars in underpaid tax after Victoria’s royal commission into the casino giant’s money laundering scandal heard the dodgy deductions may have been concealed over many years.
In a statement to the ASX late on Tuesday, Crown said it had paid back the state $61m, including penalty interest of about $24m, after incorrectly deducting bonus rewards provided to pokies punters from the 2012 financial year to date.
Much more could be outstanding, as a full review is yet to be completed, with the investigation previously hearing the underpayment could be up to $272m.
Non-executive director Nigel Morrison revealed last month he and other directors only became aware of the tax issue days earlier at a scheduled board meeting – but chair Helen Coonan told the probe she first heard about it in February.
Mr Morrison said an historical attempt to conceal the underpayments was evidence of a souring relationship between Crown and the Victorian Commission for Gambling and Liquor Regulation (VCGLR).
In the statement, Crown said it continued its review of other aspects of casino tax payments and would update the ASX once the review was complete.
“Crown’s review includes a review of Matchplay, the loyalty promotion pursuant to which Crown Rewards Points are redeemed for credits for use in electronic gaming machines.”
The company said it had been advised the Victorian regulator planned to finalise its own assessment of the underpayments after the royal commission hands down its findings, due mid-October.
Both the Victorian investigation and a separate royal commission in Western Australia have been extended so that serious and complex revelations that have so far emerged can be considered.
