Tuesday, August 16, 2022

Crown reaches accord over $270m tax bill


Crown Resorts said it has reached an accord with the Australian government over a U$270 million tax bill related to its investment in Cannery Casino Resorts in the U.S.

The operator did not release the terms of the settlement, but said it does not result in a material impact on Crown’s current, or future financial results.

The accord covers the tax treatment of the investment in Cannery in the financial years from June 2009 to June 2016. Crown took the case to court last year after failing to reach an agreement with the Australian Tax Office.

The case centers on tax deductions linked with Crown’s 2007 purchase of Vegas casino operator Cannery Casino Resorts for $1.75 billion and other investments that were part of a North American expansion plan the firm abandoned in 2016.

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