Crown Resorts confirms McCann as CEO reports AGM results

Crown Resorts has announced that Steve McCann’s appointment as CEO and Managing Director has now become effective, following the receipt of all necessary regulatory approvals

Crown Resorts has announced that Steve McCann’s assignment as CEO and Managing Director has now suit effective, next the receipt of all necessary regulatory approvals.

The operator has also released the results of its 2021 Annual General Meeting, during which its Reopening Roadmap was discussed, as comfortably as its financial results from recent months.

Under the Victorian Government’s roadmap, Crown Melbourne is place to recommence non-gaming operations from 22 Oct 2021, while gaming trading operations put up commence on 5 November, with a farther relief inward restrictions on non-gaming operations. Restrictions will and so follow aligned with the National Plan on 19 November.

Crown Perth meanwhile from 12 July 2021 to 17 Oct reported a 9% put down inwards main story gaming revenue vs F21, but non-gaming revenue grew 34%. Wagering and online social gaming revenue was pull down 10% on the previous period.

The chemical group also noted that it continues to incur elevated legal, consulting and other costs associated with regulatory processes, and expects corporate costs for the 2022 financial year to follow higher than lastly year at around AU$130m (US$97.5m).

Crown also looked to the time to come in the results, and is aiming to prioritise the successful implementation of its Remediation Plan, to reinstate cartel of its regulators and the community, to go back from the impacts of the Covid-19 pandemic, and to ride long-term sustainable shareholder economic value from its assets.

In his name and address to shareholders, McCann explained his plans for the company, saying: “This is my first of all chance to address shareholders direct at a Crown Annual General Meeting. Leading a troupe the like Crown comes with substantial responsibleness and scrutiny – ne'er more so than now.

“In the nearly cinque months since connexion Crown, I make come in to realise in greater particular the challenges confronting the organisation. While we make a lot of strong put to work before of us, the Board and management of Crown are committed to restoring the reputation of the organisation and impulsive an appropriate payoff for shareholders in a responsible manner.

“We want to establish the right on culture and provide the direction and keep for our people to enable them to go under the business sector on the right hand path for growth and to maximise the value of our outstanding assets. We must ut things differently to how they hold been done inward the past.”