Crown's Former CEO Receives Financial "Thank You" For Loyalty

Australian gambling firm Crown Resorts is considering a proper goodbye to Rowen Craig's former CEO, paying him $6.27 million in cash and $2.9 million in stock layoffs. The company, led by billionaire James Packer, had to break up with highly valued CEO Rowen Craig, who retired in late February this year. Craig took control of the company for 10 years, joining the crown resort team until 1993.Craig was appointed chief executive and managing director of crown resort, serving the company's best interests faithfully.

Earlier in the day, Australian media SBS reported that Crown Resort is considering generous compensation to its former CEO for its loyal work of $9.2 million over the past decade. The proposal is currently on hold and awaiting approval from stakeholders. Chairman John Alexander asked shareholders to approve the proposal, and Alexander took over as CEO of Craig in the company. Mr. Alexander was found to have received $2.1 million in basic salary and $700,000 in additional perks during his eight months as CEO.

Crown Resort is in trouble

It is an interesting fact that Mr Craigie's resignation here relates to the company's strategy to efficiently reduce the value of the company's spending, including many job cuts. Mr Craigie voluntarily agreed to resign, according to several reports, and the position was succeeded by John Alexander. News of Mr Craigie's replacement came shortly after the arrest of 18 Crown Resort employees in China in mid-October for allegedly promoting gambling activities deemed illegal in the People's Republic of China. Casino employees were encouraging high-end players in mainland China to gamble at Crown's gambling property in Australia. This left a deep scar on the company's reputation, which not only caused a significant drop in profits, but also led to a dangerous drop in stock prices on the stock market.

To crawl out of this hole, he had to pull out of the Las Vegas casino project and stop planning to separate domestic assets from international assets. Crown also sold a 13.4% stake in Asia's target Melco Crown Entertainment Limited to Melco International Development Limited. The operator withdrew from the international market and the stake sale led to a team and reorganization. Crown Resort currently operates two casino resorts in Australia, one in Melbourne and one in Perth to be more accurate. The operator, which focuses on the Australian gambling business, has launched a renovation project for Crown Sydney, located in Barangaroo, Sydney. 슬롯머신