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Is Crown Resorts hiding behind a ‘responsible gambling’ lie? | ticker VIEWS

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The  Royal Commission into Victoria’s Crown Resorts, Australia, has heard of deficiencies in their “responsible gambling” practices. These deficiencies are within their Melbourne based Casino, who have an obligation to provide gambling in a responsible way.

What are responsible gambling practices?

The Victorian gambling regulator requires Crowns Melbourne Casino to operate with a “responsible gambling code of conduct”. This code means they’re obliged to step in, when anyone shows signs of gambling in a harmful way. They have a system in place named “YourPlay” which allows patrons to set limits and self observe their gambling actions.

Head of gambling and social determinants unit, Associate Professor Charles Livingstone, says the “responsible gambling code”  is all an illusion, and it needs to go.

“It’s a smoke screen. It’s a way in which the gambling industry can report to be concerned about the wellbeing of its customers. But, it doesn’t actually do anything that will get in the way of them donating their money to the corporate activities.”

“It’s a way of these big gambling industries saying we care about it, but not enough to do anything concrete.”

Associate Professor Charles Livingstone

 

Crown Resorts deficiencies in “responsible gambling code”

The Royal Commission found deficiencies in Crown Resorts ‘responsible gambling’ practices. By allowing a patrons at its casino to gamble for over 12 hours, before recommending a break. It’s also been found that Crown Melbourne employed twelve staff as responsible gambling liaison officers, to monitor for signs of harmful gambling. With questions over how twelve staff could monitor a casino with over two thousand gaming machines, and attracted over sixty thousand visitors a day.

Associate Professor Livingstone says after his research, he found little to no evidence to support any implementation of gambling harm minimisation practices.

Crown Melbourne has a significant amount of more poker machines than any other venue in the state. Leaving Associate Professor Livingstone to wonder why they don’t have the most active harm minimisation system in Australia?

The end of Crown Resorts altogether?

Crown Resorts’ credibility has taken a blast recently. Australia’s financial crimes watchdog also launching an investigation into Crown Resorts Perth casino, over potential breaches of anti-money laundering laws. Associate Professor Livingstone says Crown Resorts could see their company taken over.

“The company will be taken over or restructured in some way. It will become a different business entirely. The giant Casino empire that was looming with Crown is probably gone forever.”

Associate Professor Charles Livingstone

Professor Livingstone wants to see more legislative changes within the Australian gambling industry, with more regulation, cashless wallets, more resources and further unbiased political support.

“One of the big problems we have in the Australian gambling industry, is its very closely aligned with politics of both sides. They’re very big donors, they provide considerable resources to political parties, and that most certainly buys them access and power. We need to see an end to that.”

Associate Professor Charles Livingstone

Holly is an anchor and reporter at Ticker. She's experienced in live reporting, and has previously covered the Covid-19 pandemic on-location. She's passionate about telling stories in business, climate and health.

Tech

TICKER NEWS is available on podcast apps

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For the first time, TICKER NEWS is now available on podcast apps, allowing you to hear the latest news, plus special programs

TICKER NEWS is now available as a podcast.

You can catch up on the latest news, or programs devoted to special topics including U.S. politics and TICKER AIR.

TICKER CEO Ahron Young says:

“TICKER always puts the story first. Video is in our DNA, but we want TICKER content to be available however our audience wants to enjoy it.”

“We are putting significant resources into TICKER content to make sure we get to the heart of the stories we cover.”

TICKER AIR is one of the podcasts available from TICKER

The first podcast to air is TICKER AIR, cohosted by Ahron Young and Geoffrey Thomas from Airlineratings.com

Every day, two full world news bulletins will be available, as well as three special documentary programs.

TICKER podcasts are available daily on Apple Podcasts, Spotify and Google Podcasts. Just search TICKER NEWS to subscribe.

APPLE PODCAST – https://podcasts.apple.com/au/podcast/ticker-news/id1632145760

SPOTIFY – https://open.spotify.com/show/3iidnXUXPDVWG2QMEhN0Kt?si=e2e195a8ee584fa6

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Tech

Five reasons it’s so expensive to travel right now

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We’ve been waiting years to go on holiday, but wow it’s expensive to fly. Here are the five reasons it’s so expensive to travel right now

Remember the good old days of competition in the travel industry? Those were the days. Now every time you look to book a flight, the prices are soaring. Even if you want to use your points.

The airline industry is complex, so a total shut down of the industry was always going to have long term effects. The long hangover from the shutdowns and lockdowns are with us.

So let’s break down the five key reasons your flight is so expensive.

“Revenge travel”

It’s not just you who wants to go overseas and change up the scenery. Everyone else is thinking the same thing.

And as the northern hemisphere enjoys its first lockdown free summer in years, everyone is clamouring to use all that saved up cash, topped up with government assistance, to spend on flights.

The simple supply versus demand philosophy means it’s become an airline’s dream to push up prices while often pushing down the value of the ticket. How bad are those airline meals at the moment?

Big planes are grounded

Remember the good old 747 and A380s? Well you’re doing well to find a 747 in the skies these days. The last remaining airlines that were operating them used the cover of COVID to either reduce their fleet of the ageing Queen of the Skies, or retire them altogether.

Then there’s the A380, which is integral to huge airline flees like Emirates.

They were first to go into storage in the desert in 2020 as the pandemic hit. Airlines noticed its often cheaper to fly two 787s on the same route as an A380. So they are begrudgingly bringing the super jumbo back, but only once all their 787s are back in service first.

Don’t you just long for the days of extra space on a plane?

Rocketing fuel prices

In some cases, spot prices for aviation fuel has soared to 80 per cent! Airlines usually rely on hedging fuel prices (as in locking the price in in advance). But not many carriers in Asia do that, meaning they are at risk of fluctuating oil prices.

Airlines have a simple strategy for dealing with rising fuel prices – passing the cost on to consumers. Some passengers flying out of Asia are finding that a flight to London in economy is now $5000, five times the price.

The war in Ukraine hasn’t helped matters either, with Russian oil now missing from the global supply chain. That’s pushing up the cost of resources everywhere, and there’s no sign that’s about to end.

Lack of staff

Airline staff get COVID too, and in some (hilarious) cases, front line staff are returning to stop working from home!

Airlines have rules in place regarding how many flight attendants and pilots need to be on board an aircraft. And with so many different types of planes in service, some flight attendants can only work on certain aircraft types.

That severely limits the capability of airlines to quickly man aircraft in an emergency. And one cancellation snowballs into a travel nightmare.

Airports are struggling too. Lack of maintenance at baggage carousels and airport equipment means some airports are relying on just one vehicle to help every plane back out of a gate.

Remember when the pandemic hit and airlines sacked thousands of workers? The airlines didn’t think they would need them all back so quickly, and highly skilled pilots went on to find other, perhaps more stable jobs.

Accountants taking over

Airlines are big businesses with gigantic overheads. Think of the cost of a plane, which often reaches over $300 million.

Then add the cost of airports, fuel and staff.

Qantas had a debt bomb of $6.5 billion at the height of the pandemic, and while governments have been throwing money at airlines to stay in business, they still are a business.

Airlines need to make a profit, they need to return value to shareholders, and they need to pay down debt to stay financial. Not to mention cashflow.

So regardless of the airport queue, or the soggy sandwich you’re eating in business class, think of the balding accountants praying for good news.

And keep your eye out for some bargains. It’s not all doom and gloom. Some airlines are even allowing you to burn your points on upgrades. So why fly economy?

And if you can hang on a few months longer, you might enjoy cheaper fares. But no promises.

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Media

Disney vs Netflix – who will win the streaming revenue raise?

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Netflix and Disney shares fall as the streaming companies fight to stay on top of their game

Investors to evaluate Walt Disney’s shift from cable television to subscription service as the company’s shares fall by 31 percent.

This comes after Netflix announced its first ever decrease in subscribers last month. The company reported a loss of 200,000 subscribers in its first quarter while predicting more losses ahead.

Netflix’s decision to suspend its services in Russia also led to a loss of 700,000 subscribers. It’s shares have also fallen by a staggering 71 percent this year, a bigger loss than its competitor Disney.

While Netflix struggles with its subscriber count, FactSet Estimates predicts Disney+ to have attracted 5.3 million new subscribers through march leading to a total of about 135.1 million subscribers.

Disney also predicts it will have amassed more than 230 million subscribers by September 2024.

Netflix is reportedly considering adding an advertisement-based subscription option by the end of the year as the company looks at how to stay competitive in the increasingly saturated streaming market.

In a previous statement, Netflix’s chief executive said they were looking to introduce advertisements in a year or two but a leaked internal note to the employees has revealed the company is introducing it as early as October 2022.

The note also says Netflix will begin cracking down on password sharing by monetizing it.

All of this has resulted in Netflix being sued by shareholders who argue they have been mislead about the state of the company and future prospects.

Rijul Baath contributed to this report

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