Crown has been deemed suitable to continue holding a casino licence, with the Victorian Gambling and Casino Control Commission revealing its decision on Tuesday.
A state royal commission, headed by former Federal Court judge Ray Finkelstein QC, in 2021 found Crown's conduct was "illegal, dishonest, unethical and exploitative".
But it stopped short of suggesting the company be stripped of Victoria's only casino licence and instead gave it two years to reform under the oversight of a special monitor before the regulator reached a decision.
The regulator's chair Fran Thorn said issues identified by the royal commission had been been comprehensively addressed.
"The commission is satisfied that the systemic failings of Crown Melbourne are a thing of the past," she told reporters.
"The significant turnaround by Crown Melbourne does not mean that Crown Melbourne will never slip-up again, and when this happens we will act."
Fran Thorn says the issues identified by the royal commission have been "comprehensively addressed". (James Ross/AAP PHOTOS)
Following separate inquiries in Victoria, NSW and Western Australia, Crown has been fined $700 million for breaches including wrongly claiming tax deductions and flouting responsible gambling laws.
The biggest fine came when Crown agreed to pay the Australian Transaction Reports and Analysis Centre $450m for failing to comply with anti-money laundering and counter-terrorism financing laws.
Crown has introduced extensive reforms to prevent or reduce gambling harm, financial crime and money laundering but must seek to rebuild and earn public trust, Ms Thorn said.
"Victorians have the right to expect the Crown Melbourne will never again prioritise profit ahead of the safety and wellbeing of its patrons and staff," she said.
The regulatory head could not guarantee Crown's licence would be cancelled if it repeated the same mistakes, but pushed back on a suggestion it was "never going to happen" through the recent process.
"It was always a possibility for this commission," she said.
US private equity giant Blackstone acquired Crown for $8.9 billion in June 2022, ending billionaire James Packer's control of the company.
She said the special monitor had spent two years "living in the pocket" of Crown and gathered enormous amounts of information.
"It's not the same people who were there that allowed the sins of the past to happen," Ms Thorn said.
The commission chair was adamant the loss of the special monitor from June would not leave a void in oversight, with its audit team to remain fixated on the business.
"If there is any regression to the old Crown - which was one that lied, obfuscated, used legal power to bully the commission - then Crown can be assured that the full extend of the law will be brought against them," Ms Thorn said.
Ms Thorn said she was deeply sorry to those whose lives were ruined by the previous Crown administration.
"What has been put in place ... means that it will be nigh on impossible for Crown to do that going forward," she said.
Crown employs more than 20,000 people nationwide, with about 11,500 workers based in Melbourne, making it Victoria's largest single-site private employer.
Ms Thorn acknowledged the "too big to fail" argument made during the Victorian royal commission was strongly considered by the regulator.
In a statement, Crown Melbourne chief executive Mike Volkert hailed the outcome as one of the most significant milestones in Crown Melbourne's 30-year history.
"Crown Melbourne is now the safest venue in Victoria for gaming and entertainment," he said.
7°C