John Borghetti to Succeed William McBeath as Chairman of Crown Resorts in July 2024

Crown Resorts has announced that John Borghetti, the former CEO of Virgin Australia, will become its new chairman, effective July 1, 2024. Borghetti will take over from William McBeath, who has held the position since July 2022 following Crown's acquisition by private equity giant Blackstone.

Borghetti, who has been serving Crown Sydney's chairman since mid-2022, brings extensive experience from his 47-year career in the aviation industry. He is expected to continue the transformation of Crown Resorts, focusing on compliance, safety, and profitability. Borghetti stated, *"I look forward to continuing the transformation of Crown Resorts, ensuring the company exceeds the expectations of all its constituents, including government, regulators, guests, and team members. "*

William McBeath, an American casino executive, will remain on the Crown board as an independent non-executive director. During his tenure, McBeath played a vital role in leading the company through significant regulatory and cultural reforms. He expressed confidence in Borghetti's ability to lead Crown Resorts, saying, *"Now is the appropriate time to appoint an Australian-based chair who will continue Crown's focus on transformation, regulatory compliance, and safe and sustainable future growth."*

Crown Resorts has faced numerous challenges in recent years, including regulatory scrutiny and fines. The company was deemed "unsuitable" to operate a casino in Sydney in 2021 because of concerns surrounding money laundering and other issues. However, under McBeath's leadership, Crown has made significant progress in addressing these concerns and retaining its casino licenses in New South Wales and Victoria.

The leadership transition at Crown Resorts has significant implications for the gaming and hospitality industry, which will also have an impact on the Australian economy. The new chairman's focus on compliance, safety, and profitability may have far-reaching consequences for the company's reputation and operations.

Borghetti's appointment comes at a critical time for Crown Resorts as it continues its efforts to restore its reputation and ensure compliance with regulatory requirements. The company recently announced a reduction of 1,000 jobs and has invested AU$200 million in operational reforms to retain its casino license in Sydney.

John Borghetti's extensive background includes serving on the boards of several organizations, including Brisbane Airport Corporation, Alinta Energy, and Coca-Cola Amatil. In 2017, he was awarded a Member of the Order of Australia for his contributions to the aviation industry and tourism.

As Borghetti prepares to take the helm, Crown Resorts aims to continue its focus on compliant, safe, and profitable operations. Borghetti emphasized the importance of positioning the business for future growth while maintaining high standards of regulatory compliance and guest experience.

The leadership transition at Crown Resorts marks a significant step in the company's ongoing efforts to rebuild and enhance its operations. With Borghetti's extensive experience and commitment to transformation, Crown Resorts is well-positioned to overcome the challenges ahead and achieve sustainable growth.

Key Takeaways

• John Borghetti to become Crown Resorts' new chairman, effective July 1, 2024.
• Borghetti brings 47 years of aviation industry experience to the role.
• He will focus on compliance, safety, and profitability in his new position.
• William McBeath will remain on the Crown board as an independent non-executive director.
• Borghetti's appointment aims to restore Crown Resorts' reputation and ensure regulatory compliance.