Crown Casino Shareholders Not Happy with Executives Getting Millions

crown casino perth
crown casino perth
crown casino perth

Crown casino seems to be stuck in an unending chain of drama. After the different external scandals started rocking the casino, you would expect the company to be a union.

But, the casino shareholders are not happy with the fact that the operator had to part with millions of the executives that are living in the casino.

Crown Casino Remuneration Report

According to the remuneration report that was held on October 21, 31% of the shareholders were not happy with the move.  And, this may not be a good report considering that the number must not be above 25%.

But, this is the second time that this is happening for Crown Casino. Hence, the suggestion that the whole board of the company should be done away with. Luckily for the remaining board member, 95% of the investors were against the notion.

Payments Regarded as Outstanding Contracts

As justification for the actions, the acting chair of the company, Jane Halton, said that the money turned to millions due to longstanding contracts. Which, according to the 2021 financial year of the casino amounted to over $20 million.

To top it off, the casino also had to part with over $9 million as part of the terminations payments as well. Therefore, according to Halton, eyebrows have been raised on the legibility of these payments.

New Members of the Board Hushed

Even though Jane Halton had a lot to say about the situation, new board members are still to speak out their thoughts and opinions on the running of the casino.  The current chair, Halton, did not allow questions to be directed to her soon to be replacement Ziggy Switkowski.

Switkowski is a former nuclear scientist, who has been a non-executive director of the casino for a while now. Even though he won the elections, he is yet to be approved off as the new chair of the casino by the gambling regulators.

Another reason why two of the other new directors of the company, Nigel Morrison and Bruce Carter were subdued from answering any questions by Halton as well.

Crown Casino Still Wrapped Up in the Money Laundering Scandal

The casino is yet to completely exonerate itself from the pending money laundering scandals. The New South Wales and Victoria inquiries alleged that the Melbourne and Perth casinos may have been facilitators of money laundering.

The situation went out of hand and the casino’s license is still at the risk of being revoked.

What is Next for the Casino?

A third inquiry is yet to be held by the royal commission in Western Australia. This has been quite an unsettling year for Crown casino. This factor may eventually start affecting the real money gamers as well.

Therefore,  the casino needs to make sure that it has kept its books in order and has everything back on track before it may be forced to shut down for casino gaming.

Crown Casino FAQs

Is crown still open for business?
Yes, it is. Even though the casino is still in hot soup, the heat seems to simmer down from this point onwards.
Who Owns Crown Casino?
A US private Equity leading company, Blackstone, bought the casino for $8 Billion at the beginning of 2021.
Is James Packer Still with Crown Casino?
No, he is not. The business mogul was forced to resign as the executive chairman of the casino on the sixth of October in 2020. But, his private company, CPH, still owns 37% of the casino.