Crownâs chief executive-in-waitingâs $5.2 million get out of jail free card
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May 10, 2021 â 3.57pm
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You wonât find this job advertised on Seek. A guaranteed $5.2 million sign-on fee even if you have your feet under the desk for only a day.
Thatâs the value Crown Resorts has ascribed to its chief executive-in-waiting and Lendlease boss Steve McCannâs risk of losing his job if the company is taken over. Before he can even begin the role McCann must get the tick from gaming regulators (a process that could take six months).
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The S&P/ASX 200 index climbed 1.3 per cent to 7,172.8, rising to pre-pandemic levels, with index heavyweights BHP Group and Rio Tinto scaling record highs on strong iron ore prices.
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Miners climbed more than 3.8 per cent to hit their highest since May 2008, with BHP rising 3.1 per cent, Rio Tinto adding over 4 per cent and Fortescue closing about 7 per cent higher.
Australian shares rose to record closing highs on Monday, led by a rally in miners on strong commodity prices while disappointing U.S. jobs data eased some concerns about an earlier-than-expected interest rate hike and aided equities globally.
McCann the âperfect choiceâ for Crown
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Crown Resorts has scored a coup in snaring outgoing Lendlease chief executive Steve McCann as its next chief executive, as the listed casino operator is getting a highly regarded cleanskin, untarred by the gambling industry, shareholder activist Stephen Mayne said.
Mr McCann, who takes over as head of the troubled company from next month, brings a track record of putting in place systems and dealing with regulators that Crown desperately needs as it seeks to rehabilitate itself in the eyes of regulators and the public, Mr Mayne said on Monday.
âHeâs almost the perfect choice for Crown,â he told
Star, Crown merger would be a company of scale on global platform 10/05/2021|8min
Star Entertainment CEO Matt Bekier says if his company merges with Crown Resorts it would create a company of scale on the global stage.
The Star Entertainment Group has proposed a $12 billion merger with Crown Resorts in a deal which would create a gambling and hospitality empire spanning across seven properties in four states.
United States investment company Blackstone has also made a bid for the embattled casino operator after regulators suspended Crown s gaming license at its new flagship Sydney casino in February.
“With this company, the combined assets will be a company of scale on the global platform,” Mr Bekier told Sky News.
Crown Resorts has two offers on the table for its casino business in Australia. The seekers are The Star Entertainment Group and Blackstone Group.
Acrobats perform outside The Star casino in Sydney. The resort’s parent company, The Star Entertainment Group, is making a play to acquire competitor Crown Resorts. (Image: The Star Entertainment Group)
Blackstone, the private equity business of billionaire Stephen Schwarzman, has been targeting Crown since March. Blackstone is looking to expand its global footprint in the gaming industry.
The group currently owns the physical assets of several Las Vegas Strip properties, including the Bellagio, Cosmopolitan, Mandalay Bay, and MGM Grand.