Crown officially deemed not suitable to hold casino licence by gaming regulator
Crown Resorts has officially been told by the New South Wales regulator it is no longer a suitable person to hold a gaming licence for its $2.2 billion Barangaroo casino.
In a notice to shareholders, Crown said it had received a letter from the New South Wales Independent Liquor and Gaming Authority (ILGA) informing the business officially of the proceedings underway.
The findings come a week after the damning Bergin report, which concluded an intensive 18-month investigation on Crown s casino dealings with an 800-page document that recommended root and branch changes.
Crown Resorts Ltd. was formally judged unfit to operate a Sydney casino by the regulator, after a public inquiry last week found the company allowed money laundering to take place at its other properties for at least five years.
Crown Resorts is going through a massive shakeup after the New South Wales Independent Liquor and Gaming Authority (ILGA) deemed the casino operator unsuitable to hold a license. Several top dogs on the company’s board stepped down and there was talk that CEO Ken Barton was going to give up his position, as well. That exit has now been confirmed, but Crown will reportedly give Barton some lovely parting gifts for his participation.
According to The Guardian, Barton, who had only led the company for about a year, is expected to receive a nice compensation package as he packs up his things. He will reportedly receive AUD$3 million ($2.33 million) in severance pay, which will be more than enough to keep him going for a while. The money comes as part of his employment contract, which stipulates that he be paid a year’s salary if he leaves the company without notice. Only “serious breach or misconduct” could have prevented Crown from paying the severance.
February 10, 2021
In Australia and the Consolidated Press Holdings Proprietary Limited (CPHPL) vehicle of billionaire businessman James Packer has reportedly severed its boardroom ties with prominent casino operator Crown Resorts Limited.
According to a Tuesday report from the Australian Broadcasting Corporation, the investments enterprise holds a preeminent 36% stake in the casino firm although it has now nevertheless terminated the consultancy contract it held with Crown Resorts Limited non-executive director John Poynton.
Voluminous vacuum:
CPHPL appointee left on the board of
Crown Resorts Limited following the Tuesday resignations of fellow non-executive directors
Guy Jalland and
Michael Johnston. Although the experienced businessman is to remain on the Sydney-listed casino firm’s board, the move purportedly means that