Crown named Borghetti new chairman; he was previously CEO of Virgin Australia.

 With effect from 1 July, John Borghetti, the former head of Virgin Australia, will become the new chairman of Crown Resorts, the company stated.
 After William McBeath's resignation as chairman in July 2022, Crown CEO David Tsai Borghetti will assume the position.  Crown has appointed McBeath to remain on the board as an independent non-executive director.

 Since the middle of 2022, Borghetti—an accomplished executive—has served as chairman of the Crown Sydney business.  After Blackstone's $8.87Bn (£4.63Bn/€5.43Bn/US$5.93Bn) acquisition of Crown, the private equity behemoth nominated him.

 He had been employed by the aviation sector for about 45 years before this.  Among these roles, he served for ten years (ending in March 2019) as CEO of Virgin Australia, an airline. 

 O'Connell Street Associates counts Borghetti among its members, and he also serves as a director for Balmoral Pastoral Investments.  Aside from that, he was a director at the Art Gallery of New South Wales, Energy Australia, Alinta Energy, Coca-Cola Amatil, and Brisbane Airport Corporation in the past.

 He will still serve as chair of Crown Sydney in addition to his expanded role as chairman.

 Borghetti prioritised safety, profitability, and compliance. 
 Borghetti expressed his excitement about continuing Crown's makeover.  Part of this is making sure the firm wows everyone who has a stake in it, from regulators and the government to guests and employees. 

 "Maintaining compliant, safe, and profitable operations is the board's top priority. We are also working to position the business for future growth."

 As he prepared to step down as chair, McBeath reflected on his tenure and offered his support to Borghetti.

 Ensuring the appropriateness of Crown Resorts' massive regulatory and cultural reform and remediation program was my top duty as chair, and I worked closely with the senior leadership team to do just that. 

 It is with great pride that I announce Crown Melbourne and Crown Sydney have maintained their operating licenses throughout this period.  Crown Perth's remediation efforts are likewise making good headway. 

 The time to choose a chair from Australia is now.  Transformation, regulatory compliance, and future growth in a safe and sustainable way will remain Crown's priorities under his leadership. 

 I am pleased to announce that John Borghetti will be taking over as chair of the Crown Resorts Board. The board is responsible for the strategic development of Crown's companies in Western Australia, New South Wales, and Victoria, as well as for cooperating with regulators and government.

 Crown retains licenses for Victoria and New South Wales
 This hiring follows a huge boost for Crown in April when it was announced that its Sydney location might keep its casino licence.  This comes after the state underwent extensive cleanup efforts for three years.

 The Bergin investigation concluded that Crown was "unsuitable" to run the Barangaroo casino in Sydney in February 2021.  Following the discovery of evidence of money laundering using its facilities and accounts, this was the result of the New South Wales Casino Inquiry.

 The investigation also revealed that Crown did not conduct adequate due diligence when dealing with junket operators who were allegedly associated with organised crime.  Its promotion of gaming in mainland China also put employees at danger of harm.

 For over a year, customers were unable to gamble at Crown's restaurant and hotel tower because of this.

 Sixteen months after the Blackstone acquisition, Crown did manage to get authorisation to operate in New South Wales.  This was predicated on Crown refraining from further rule violations.

 The New South Wales Independent Casino Commission expressed satisfaction with Crown's development after monitoring the company since authorisation was granted.  Because of this, it can keep its licence.

 This decision followed Crown's recent success in retaining its casino licence in Victoria.  As of March, the Victorian Gambling and Casino Control Commission (VGCCC) had decided that Crown's Melbourne facility was suitable to hold a licence.

 Following the Royal Commission's investigation into casino licenses, Crown, similar to the government of New South Wales, made extensive reforms to the casino.  Because of this improvement, the VGCCC granted Crown a reprieve.