In a statement to the ASX, Crown says it underpaid taxes in the 2012 financial year.

That underpayment was about $37 million, but because of penalty interest, the figure increased by $24 million.

The Royal Commission into the Casino Operator and Licence has been hearing evidence all year, including evidence about tax underpayments, and will deliver its findings in October.

Prosecutors at the commission say the casino may owe as much as $480 million to the state.

It was revealed during the hearing that Crown Melbourne chief executive Xavier Walsh knew about the gaming giant's potential multi-million-dollar tax underpayment in 2018 but only started investigating it the day after Victoria's royal commission into the company was announced.

Alliance for Gambling Reform chief advocate Reverend Tim Costello said Crown's offer was laughable.

"The rest of us who pay our tax, who are law abiding, all practise a different morality," he said.

"There is no morality with Crown … again they've been found out, again they're paddling fast to offer something too little too late. They can't be trusted."

Reverend Costello said the true figure should be hundreds of millions of dollars.

"[It should be] far more than what Crown has offered, about five, six times what Crown has already offered with this piddling, desperate small offer."

Last week, the Royal Commission into the Casino Operator and Licence's lead lawyer told the inquiry Crown Resorts was not suitable to hold Victoria's sole casino license due to evidence it engaged in illegal conduct encouraged by a culture that put profit ahead of integrity.

In his damning closing submission, counsel assisting the inquiry Adrian Finanzio SC said Crown Melbourne was not presently suitable to hold the licence and cast doubt on the company's ability to properly reform its culture.

"The evidence reveals serious misconduct, illegal conduct and highly inappropriate conduct which has been encouraged or facilitated by a culture which has consistently put profit before all other considerations,'' he said.

Premier Daniel Andrews has said he is prepared to rip up the contract of Victoria's biggest employer if the royal commission recommends it.

But it took the damning findings of the NSW Bergin inquiry to force the government to call the royal commission into the casino.

That's despite years of media reports exposing serious issues at the casino and the gambling regulator, the Victorian Commission for Gambling and Liquor Regulation (VCGLR).

A recent Four Corners investigation revealed deep concerns among senior gaming inspectors that evidence of wrongdoing was dismissed by VCGLR management.

The VCGLR has since announced an independent inquiry into the claims.

Mr Finanzio also highlighted the failure of Crown to be transparent with the gambling regulator.

The royal commission, led by former federal court judge and senior barrister Raymond Finkelstein QC, was meant to hand down its recommendations by August 1.

The deadline was pushed back to October 15 on the request of Commissioner Finkelstein after serious evidence emerged during the first weeks of public hearings.

Crown's lawyers will make their final submission to the royal commission in early August.