Join our daily newsletter At The Bell to receive exclusive market insights
- The future of Crown Resorts’ (CWN) CEO is under review following a scathing inquiry which found the group was unfit to hold a casino license in Sydney
- It comes as a third Crown Director, Andrew Demetriou, stood down following Tuesday’s Bergin Report, which stops the company from being able to open its new Barangaroo casino in NSW
- The company issued a statement on Friday, confirming Managing Director and CEO Ken Barton’s position will be reviewed in light of the report’s recommendations and findings
- Along with the NSW inquiry, Victoria’s regulator has also confirmed it will make enquiries into Crown Melbourne and the company’s CEO
- Crown Resorts shares are down 1.49 per cent, trading at $9.90
The future of Crown Resorts’ (CWN) CEO is under review following a scathing inquiry which found the group was unfit to hold a casino license in Sydney.
The business has issued a statement hosing down media speculation Ken Barton has left Crown following the Bergin Report release on Tuesday, which aired allegations of widespread money laundering and governance failures.
Instead, Crown has stated it is “continuing to consider [CEO Ken Barton’s] position having regard to the recommendations and findings of the Commissioner’s report.”
In the meantime, Crown Director Andrew Demetriou has confirmed he is leaving the company. Andrew is the third Crown executive to resign in the wake of the damning report by the New South Wales Independent Liquor and Gaming Authority.
The other two directors who left the company on Wednesday, Crown board members Michael Johnston and Guy Jalland, represent major CWN shareholder James Packer as they’re involved in his media business.
Along with the NSW Gaming Authority’s investigation, the Victorian Commission for Gambling and Liquor Regulation (VCGLR) has also announced it is making enquires into whether or not Crown is fit to operate in the state.
In particular, VCGLR will question CEO Ken Barton about why he should remain an associate of Crown Melbourne in light of the Bergin inquiry and license decision.
Following today’s update, Crown Resorts shares are down 1.49 per cent to trade at $9.90 each at 11:55 am AEDT.
