Crown Resorts confirms McCann as CEO, reports AGM results

By Peter Lynch

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.

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

Under the Victorian Government’s roadmap, Crown Melbourne is set to recommence non-gaming operations from 22 October 2021, while gaming operations can commence on 5 November, with a further easing in restrictions on non-gaming operations. Restrictions will then be aligned with the National Plan on 19 November.

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

The 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 be higher than last year at around AU$130m (US$97.5m).

Crown also looked to the future in the results, and is aiming to prioritise the successful implementation of its Remediation Plan, to restore trust of its regulators and the community, to recover from the impacts of the Covid-19 pandemic, and to drive long-term sustainable shareholder value from its assets.

In his address to shareholders, McCann explained his plans for the company, saying: “This is my first opportunity to address shareholders directly at a Crown Annual General Meeting. Leading a company like Crown comes with significant responsibility and scrutiny – never more so than now.

“In the nearly five months since joining Crown, I have come to understand in greater detail the challenges confronting the organisation. While we have a lot of hard work ahead of us, the Board and management of Crown are committed to restoring the reputation of the organisation and driving an appropriate return for shareholders in a responsible manner.

“We need to build the right culture and provide the direction and support for our people to enable them to set the business on the right path for growth and to maximise the value of our outstanding assets. We must do things differently to how they have been done in the past.”

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