Monday , July 13 2020
Home / Business / Crown’s John Alexander to step down as chairman in sweeping governance overhaul

Crown’s John Alexander to step down as chairman in sweeping governance overhaul

Crown said Mr Alexander’s contract of employment as executive chairman has been terminated without payment but he will remain in a new role as executive director of the company for up to 12 months on remuneration of $3.54 million.

“These changes have been board-driven, broad and inclusive and will refresh Crown’s leadership,” Mr Alexander said in the ASX release.

The changes come as Crown faces intense scrutiny from a public inquiry into the company and the future of its casino licence in Sydney. That in turn followed revelations in The Sydney Morning Herald and The Age that Crown went into business with “junket” tour operators linked to organised crime.

Crown’s billionaire controlling shareholder James Packer has been called to appear at the inquiry as has Mr Alexander.


A spokesman for Mr Packer’s private company CPH said Mr Packer and one of his key lieutenants on the Crown board Guy Jalland “are happy to assist the inquiry and will attend.”

Crown confirmed that Mr Alexander will also attend the inquiry.

The probe will examine whether Crown’s Sydney casino licence was breached when Mr Packer sold a 19.9 per cent stake in Crown to Hong Kong group Melco Resorts, which is controlled by Hong Kong billionaire Lawrence Ho.

In a statement issued on Friday, Mr Ho said Melco was committed to assisting the inquiry “where it is able” and that he had informed the inquiry he would “make myself available to appear at a hearing if requested”.


Mr Ho is the son of 98-year-old Macau casino tycoon Stanley Ho, who, along with a list of associated entities, is banned from involvement with Crown due to alleged links to organised crime. Stanley Ho has denied those allegations.

In 2006, Stanley Ho stepped down as chairman of Melco to help expedite probity checks by the Victorian regulator, which had been running for two years, into the joint venture between Melco and what was then Mr Packer’s Publishing & Broadcasting Ltd (PBL).

Stanley Ho owned more than 11 per cent of Melco at that time, according to the company’s 2005 annual report.

PBL and Melco initially planned to run their Macau casinos under the gambling licence held by Stanley Ho’s Sociedade de Jogos de Macau (SJM).

Melco, which has signalled it wants to take full control of Crown, has previously passed local probity checks in Victoria, in 2005, and NSW, in 2014.

In an opening submission last week, Mr Bell laid out the corporate web behind Melco Resorts.

He submitted that one company that acquired an indirect interest in Crown through Melco’s purchase of almost half of Mr Packer’s Crown stake in the company was Great Respect Limited, which is one of the companies banned from involvement in Barangaroo.

“Crown Resorts’ position was that it was not informed of the share sale until after it had been executed, and in any event it was not within the power of Crown Resorts to prevent the execution of that agreement,” Mr Bell said.

Crown’s new $2.4 billion high-roller casino and hotel, which is under construction at Sydney’s Barangaroo, is due to open early next year.

Most Viewed in Business


About admin

Check Also

Better, faster, stronger: TPG brings benefits to Vodafone users on day one

Vodafone customers can expect an increase in their mobile network speeds as the $15 billion …