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Crown Resorts chief executive officer Ken Barton stepped down from his office after the Australian government declared the establishment as not fit to have a license to operate a casino.
The controversies that led to Barton’s resignation
The New South Wales (NSW) state’s gambling overseers said that Crown Resorts, Sydney’s flagship casino, could not be issued a gaming license. This declaration came after the gambling watchdogs stated the hotel is not fit to run a casino after a probe unveiled widespread money laundering anomalies, and there are issues with governance as well.
The gambling regulators were said to have notified Crown Resorts about its newly-built casino in Sydney’s violations. It was said that there had been a breach of terms in the VIP Gaming Management Agreement. With the violation, BBC News reported that the gaming watchdogs are now doubting other Crown Resort casinos in Australia.
The NSW gambling regulators probed the Crown’s board and business culture and discovered that criminal activities and conduct took place at some of Crown's casinos, such as in Melbourne. In the wake of the controversies and reports, Ken Barton submitted his resignation as the CEO.
As per Reuters, as the establishment’s chief left his post, three other directors have resigned too. Another executive was also said to have severed ties with James Packer, a major shareholder of the company who was also heavily criticized for his influence on the business.
Packer, an Australian billionaire, was said to have been peppered with allegations of illegal activities in the casinos for years. However, he managed to avoid any formal legal charges since the authorities need proof if this is really true.
The hunt for the new chief
Now, as Ken Barton vacates his office, Crown’s chairman Helen Coonan will take over. She will temporarily take the chief role while the company looks for someone who will replace Barton.
“The board is determined to maintain the momentum as Crown takes significant steps to improve our governance, compliance and culture,” Coonan said in a statement. “Working closely with the NSW Independent Liquor and Gaming Authority and regulators in Victoria and Western Australia, I will continue to lead on the implementation of Crown’s ambitious reform program.”
Meanwhile, The Guardian reported that Ken Barton is still eligible for a big payout after resigning. He can go home with at least a $3 million payout from Crown Resorts.
