Director cuts

19 Feb 2021 By Katrina Hamlin Follow @KatrinaHamlin

The $5 bln casino operator just lost one gaming licence and another is now threatened by a new regulatory probe. A board shakeup should help its case, but director candidates are in short supply. The usual suspects fill too many seats: Crown Chair Helen Coonan is a prime example.

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Embattled Australian casino operator Crown Resorts on Feb. 18 reported A$4.4 million ($3.4 million) of EBITDA for the six months to Dec. 31, a 99% decline from a year earlier. Revenue fell 62%, to A$581 million.

Western Australia’s gambling regulator on Feb. 17 said it would investigate the company’s Perth operations, a day after its New South Wales counterpart said it considered Crown Resorts unfit to hold a gaming licence for its flagship Sydney casino. The decision followed a year-long inquiry that found criminal conduct took place at Crown’s Melbourne property.

Since the release of the report, Crown’s chief executive and three other directors have resigned, while another broke links with founder and major shareholder James Packer, whose influence on the company was criticised in the report. Mary Manos, the general counsel and company secretary, also stepped down from her role.

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