The investment is setting up its own executives with US casino veteran Ciarán Carruthers taking the lead and Crown scoring more executive appointments to run its three casinos.
Crown Resorts CEO Steve McCann has resigned. Pere Rae
“More senior appointments will be announced in due course, including the CEO of Crown Melbourne and the CEO of Crown Perth,” Blackstone said in a statement announcing the transition from McCann’s role to Carruthers starting in September and subject to the approval of probity.
McCann will have received $ 5.2 million from a single grant of 400,000 performance rights that were attributed to the acquisition of Blackstone.
Blackstone executive Chris Tynan paid tribute to McCann for his role in reviewing Crown.
“We thank Steve for his leadership over the past 13 months, including implementing a strong reform and repair plan and improving the culture of Crown Resorts. We wish him all the best because he is looking for other opportunities.
“Blackstone is committed to investing in Crown, helping it reach its true potential as a world leader in travel and leisure. Part of that involves bringing global experience to complement existing skills within the business. Ciarán Carruthers is a veteran of the highly experienced and respected industry that shares our commitment to continue the transformation at Crown and provide an exceptional experience for all visitors, ”said Tynan.
Steve McCann said he is proud of what has been achieved at Crown over the past 13 months.
“I took on this role at a very difficult time for Crown and I will leave Crown proud to have had a positive impact on the future of this business.”
Crown noted McCann’s long-awaited departure at the time of the acquisition, and said last month that his future would be discussed in the coming weeks.
Former Virgin Australia chief John Borghetti has been named chairman of the Sydney Crown board. Louise Kennerley
Philip Crawford, chairman of Crown regulator, the Independent Liquor & Gaming Authority (ILGA), also indicated that such changes were expected.
“We’ve given probity permission to a lot of people on the Blackstone team,” Crawford said when Crown received conditional approval for a casino license in Barangaroo last month.
“His deals with Steve McCann and other people are between Blackstone and Crown. It’s not something we have to interfere with. This is market-driven and commercial,” he said.
There will still be familiar faces in Crown.
Former Virgin Australia chief John Borghetti has been named chairman of the Sydney Crown board.
Crown’s new head, Carruthers, is currently overseeing Wynn’s operations in Macau. Crown is now chaired by Bill McBeath, who left the position of CEO of The Cosmopolitan Las Vegas last month after Blackstone sold the business.
Former HBF Health CEO John Van Der Wielen has been appointed chairman of Crown operations in Perth.
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