Crown Refutes $270 Million Tax Bill

Sun, Jul 29, 2018

Crown Resorts is going to court to challenge the Australian Tax Office’s demand for AU$362 million (US$270 million) in back taxes and penalties. The past-due accounts mounted up between 2009 and 2014 and was connected to the company’s failed purchase of Cannery Resorts (l.).

Crown Refutes $270 Million Tax Bill

Aussie casino operator Crown Resorts Ltd. is fighting back against claims that it owes AU$362 million (US$270 million) in back taxes and penalties to the Australian government.

According to CalvinAyre.com, Crown’s tax problems originated with its acquisition of Vegas casino operator Cannery Casino Resorts for US$1.75 billion in 2007. But the investment went nowhere due to the global financial crisis, and Crown was forced into billions of dollars’ worth of write-downs. An Australian court will hear the matter on August 31.