Here’s how Crown (ASX:CWN) is embarking on reboot


  • Chief Executive Ken Barton will leave Crown Resorts as the NSW gaming authority implications become apparent. 
  • His departure is in addition to three Board resignations.
  • The company is embarking on a reform plan to come out cleaner. 

Crown Resorts Ltd (ASX:CWN) shares were marginally higher today after the company announced that Chief Executive Ken Barton would step down. The casino giant has also initiated  an executive search to find a suitable replacement. 

Meanwhile, Chair Helen Coonan will assume the role of Executive Chair immediately. The former Senator said she would work closely with the regulators in the states, including NSW Independent Liquor and Gaming Authority. 

 A Thunderstorm Hitting The Nearly Completed Crown Tower In Barangaroo (© Wallixx/Megapixl)

Mr Barton, who has spent over a decade in the hospitality and entertainment firm, initially served as Crown’s Chief Financial Officer before being appointed as Chief Executive last year. In his parting comments, Mr Barton hailed Crown Resorts as a robust Australian corporation with world-class assets.

The hospitality and entertainment sector remains very uncertain under the COVID-19 scenario and the deterioration in the industry is apparent owing to close contact services. Besides, the regulatory issues at Crown's casinos have fuelled doubts. 

NSW Independent Liquor and Gaming Authority (ILGA) began its inquiry against Crown Resorts last year. The authority has released its final report on the matter, calling the casino operator unfit for holding a licence in Sydney. 

The inquiry ran for a year to see whether new Crown Sydney was fit to hold the casino licence. The authority examined systematic issues at existing casinos in Perth and Melbourne. It also lifted the lid off money laundering incidents within the group.

New Crown Casino Tower At Barangaroo, Sydney (© Max421/Megapixl)

Barton’s resignation comes hot on the heels of the critical ILGA report, in which inquiry head Patricia Bergin had made a scathing remark against the Chief Executive, calling him “no match for what is needed”. Following the report, three Board directors have already resigned. Meanwhile, Crown Resorts Ltd continues to work with authorities on the reform plan.

At the time of writing, CWN shares were quoting at $9.94, up 0.5%,

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media Pty Ltd (Kalkine Media, we or us), ACN 629 651 672 and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed/music used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated as or found to be necessary.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it. OK