The Victorian Gambling and Casino Control Commission has approved Crown Resorts' continued operation of the Melbourne casino.

Crown Resorts, now under Blackstone ownership, was previously fined $250m for involvement in money laundering and terrorism facilitation.

The commission's approval follows significant reforms by Crown Resorts to address past issues.

Continued operation is conditional, with the commission reserving the right to take future action against Crown Resorts.

A special manager's report monitoring Crown's conduct will be made available to the public.

The Victorian government is introducing new reforms, such as tying electronic gaming machines to players' identities, to prevent future misconduct.

The commission warns that any backslide into previous wrongful practices by Crown will lead to legal consequences.