Turbulence at Crown Resorts is getting more and more serious, as the gambling operator has announced that another one of its key directors is stepping down. Earlier today, the Australian casino giant revealed that John Poynton has resigned as the board’s chairman of Crown Perth and a company’s director with immediate effect.
Mr Poynton’s departure is the latest one in a series of chief executive exits at the gambling company after the scanting report of New South Wales (NSW) Commissioner Patricia Bergin has alleged widespread poor governance and serious money laundering issues.
In a statement, released earlier on March 1st, Crown Resorts’ chair Helen Coonan explained that the decision was appropriate following the concerns shared by the NSW gambling regulatory body regarding the perceived lack of independence of Crown Perth’s boss from a past relationship with James Packer, the group’s majority shareholder.
As explained by Ms Coonan, Mr Pounton had agreed to resign “in the best interests” of the gambling company and its shareholders, although the Independent Liquor and Gaming Authority (ILGA) failed to present any adverse findings regarding his integrity, performance, or suitability.
John Poynton Becomes the Fifth Crown Board’s Director to Resign Following Bergin’s Report
Mr Poynton has become the fifth director of Crown’s board who has resigned in the wake of the release of Commissioner Bergin’s report in February.
He explained that he had decided to resign in the best interest of the company and its shareholders, although there was no evidence against his performance or integrity in the Bergin Inquiry report. Mr Poynton further shared that he had decided to take into account the advice from the Independent Liquor and Gaming Authority (ILGA) regarding the perceptions about his independence from the group key shareholder James Packer, so he believed filing his resignation was the right thing to do.
Mr Poynton said that, according to the probe, his contribution and commitment would be crucial for the future success of Crown Resorts.
At the time when the report was made public last month, it became clear that the NSW probe into the gambling operator’s services found Crown Resorts unsuitable to hold a casino licence for its newest casino project in Barangaroo because of poor governance. A total of 19 recommendations were made in the report, including a proposal for some legislative changes aimed at addressing money-laundering activities at Crown Casino Perth and Crown Casino Melbourne.
Recently, the gaming regulatory body in Western Australia recommended that the Government of Premier Mark McGowan should start an independent probe into the suitability of Crown Resorts to hold the sole casino licence in the state. According to Paul Papalia, the Minister of Racing and Gaming, he should move as quickly as possible to establish the inquiry, with investigators set to be given four months to establish the facts and gather evidence.
- Author
Olivia Cole
