Financial Analyst

Crown Resorts sues insurer over A$72.5M casino scandal settlement. Posted on: September 28, 2026, 07:02h. Last updated on: September 28, 2026, 07:03h. Australian casino giant Crown Resorts is suing an insurer it claims should help cover an A$72.5 million shareholder class-action settlement linked to its money laundering and governance scandals. Crown filed the lawsuit against RiverStone International in the Supreme Court of Victoria, accusing the insurer of refusing to pay under excess insurance policies that Crown says cover the settlement. The settlement resolved a shareholder class action filed in 2020 after Crown's share price tanked because of revelations about anti-money laundering (AML) failures. The lawsuit alleged Crown made misleading statements about its compliance with AML regulations and failed to properly disclose problems involving its VIP international business and junket program. Crown agreed to the A$72.5 million (US$51 million) settlement last year without admitting liability. Told to act 'uninsured' Crown held multiple layers of directors and officers insurance designed to protect the company and its executives against legal claims. Its primary insurer, AIG, paid A$7.5 million ($5.3 million) before that layer of coverage was exhausted, according to the Sydney Morning Herald. RiverStone held 50% of the risk on Crown's fourth- and fifth-layer excess policies but has declined to pay, prompting Crown's lawsuit. Crown claims RiverStone and other insurers instructed the casino operator to act as though it were "uninsured" while negotiating the shareholder settlement. The reason for that is unclear. RiverStone has yet to file its defense, and the insurer declined to comment to the newspaper. Crown is seeking payment under the policies, plus interest, although it's unclear from court documents how much Crown believes RiverStone owes. Crown is still facing a substantial portion of the class action bill. Under the settlement approved by the Supreme Court of Victoria, Crown agreed to pay the A$72.5 million in three installments. It paid A$20 million in 2025 and another A$25 million by May 11 this year. A final A$27.5 million payment is due by May 10, 2027. Crown scandals hit shares. The class action followed years of scrutiny of Crown's operations, including allegations surrounding its relationships with Asian VIP junket operators and money laundering at its casinos. Australia's financial crimes regulator, AUSTRAC, announced an enforcement investigation into Crown Melbourne in October 2020, triggering a sharp fall in the company's share price. The shareholder lawsuit was filed that December. The scandals led regulators in three Australian states to find Crown unsuitable to operate casinos, although it was permitted to continue operating in Melbourne and Perth under stringent oversight, while its new Sydney casino was initially prevented from opening for gaming. Crown subsequently underwent sweeping regulatory investigations and reforms. The company is no longer publicly traded after US private equity giant Blackstone acquired Crown Resorts for A$8.9 billion (US$6.2 billion) in 2022. In Philip Conneller's eight years with Casino.org, he has covered the gaming industry from Las Vegas to Macau and everything in between. He currently focuses his coverage on gaming law, white-collar crime, global money laundering, tribal gaming, politics, and regulation. Philip was the original features editor for poker's Bluff Magazine and editor for Bluff Europe, which he helped launch. His writing has also been featured in ESPN, Forbes, Time Out, The Sun, and The Daily Star, as well as iGaming Business, eGaming Review, and numerous other industry news and tech websites. His news stories for Casino.org/news have been linked by The Washington Post, The Daily Mail, People Magazine, and Jimmy Fallon's Tonight Show, among many others. Philip once won $20,000 with 7-2 off-suit. He has been reprimanded for unwittingly playing Elton John's piano on two separate occasions on both sides of the Atlantic. He became a writer because he is a lousy pianist. Philip lives outside London with his wife and children, where he spends his time agonizing about Arsenal FC. Contact Philip at [email protected].

RiverStone takes on $1.6bn QBE reserves through LPT deals. RiverStone International has entered into loss portfolio transfer (LPT) reinsurance agreements with QBE Insurance Group covering approximately $1.6 billion of reserves across North American and European portfolios. If you don't have a login or your access has expired, you will need to purchase a subscription to gain access to this article, including all its online content. To request a FREE 2-week trial subscription, please signup. NOTE - this can take up to 48hrs to be approved. For multi-user price options, or to check if your company has an existing subscription that Intelligent Insurer can add you to for FREE, please email Adrian Tapping at [email protected] More on this story. 14 August 2026 Talks long-term partnerships and short-term opportunities across its capital stack. 14 August 2026 Two-hour waiting period and predefined triggers aim to speed up payouts. 13 August 2026 Growth moves to a 21% YoY gain in reinsurance while primary division tames. Editor's picks. 14 August 2026 13 August 2026