Australian casino operator Crown Resorts appears headed for a structural shakeup as its largest shareholder admits he might have to sell down to ensure the safety of its Sydney casino license.

Thursday saw day three of James Packer’s testimony to the New South Wales Independent Liquor & Gaming Authority (ILGA) inquiry into Crown’s suitability to hold a state gaming license for its AU$2.4b Crown Sydney property, which is scheduled to open in December.

Packer (pictured), who once again appeared via video link from his yacht, acknowledged that Crown Sydney had been conceived as a means of attracting high-rolling gamblers from China. The property had forecast up to one-third of profits coming from VIP gamblers but Packer said Thursday that it was “highly doubtful that we’re going to go anywhere near our original figures.”

Last month, Crown halted all dealings with junket operators after embarrassing revelations involving the company’s anti-money laundering (AML) compliance failings. Packer said Thursday that he’d been assured that Crown only worked with “junkets of good repute” but admitted under questioning that it was “fair” to say Crown had dealings with junkets accused of having ties to organized crime.