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Crown Resorts Appoints Steve McCann as its New CEO and Managing Director

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Australian land-based operator Crown Resorts has appointed Steve McCann as its new CEO and Managing Director. Subject to the receipt of certain probity and regulatory approvals, McCann will officially join Crown on June 1.

He will replace Ken Barton, who stepped down as CEO in February after an inquiry into the operator’s activity found it “unsuitable” to operate a casino in Sydney’s Barangaroo region.

McCann has spent more than 25 years working in executive roles and is currently the group chief executive of real estate and investment group Lendlease Corporation, a position he has held for over a decade.

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McCann had planned to retire from Lendlease last year but remained with the group to lead its response to the novel coronavirus (Covid-19) pandemic. He will officially step down from the Lendlease board on May 31 and assume his new role at Crown the following day.

“I am looking forward to joining Crown at a crucial time for the organisation and see a real opportunity to help drive significant shareholder value as the company addresses its challenges and emerges from the constraints of the pandemic,” McCann said.

Helen Coonan, who will continue to perform her executive responsibilities as interim executive chairman at Crown until McCann receives the necessary approvals, said the addition of McCann represented a “first-class appointment” for the operator.

“Recognised as one of Australia’s most respected business leaders, Steve has a unique blend of strategic, financial and corporate governance expertise and a track record of building strong employee engagement and driving cultural change,” Coonan said.

“During a comprehensive recruitment process, Steve was the clear choice from a quality field of prospective candidates. The board was looking for a CEO firmly committed to building on the momentum for change within our business and Steve is ideally placed to hit the ground running as our sweeping reform program takes hold.”

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Australia

Foxtel Breaches Gambling Ad Rules

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Foxtel Cable Television Pty Limited has breached gambling advertising rules during the broadcast of an AFL match between Port Adelaide and Essendon in April 2024.

An Australian Communications and Media Authority (ACMA) investigation found a virtual banner promoting a gambling operator that appeared during Foxtel’s coverage of the match failed to include an adequate responsible gambling message.

Under the subscription television code of practice, gambling advertisements, including banner ads, shown during broadcasts of live sport must be accompanied by a responsible gambling message.

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Authority member Carolyn Lidgerwood said if broadcasters are airing gambling advertisements during live sporting events, the responsible gambling message must be aired too.

“These messages must emphasise the potential harms and risks of gambling if it is not undertaken responsibly,” Ms Lidgerwood said.

“An ‘18+’ logo on its own is not an adequate responsible gambling message.”

Once the ACMA raised its concerns with Foxtel, the broadcaster acted quickly to ensure a responsible gambling tagline was added to the advertisement.

As a result of the ACMA’s investigation Foxtel has agreed to further staff training on the regulatory requirements around gambling advertisements. Foxtel will also report back to the ACMA on all the steps it is taking to ensure the gambling ads it broadcasts have sufficient responsible gambling messages.

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The post Foxtel Breaches Gambling Ad Rules appeared first on European Gaming Industry News.

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Australia

VGCCC Continues Crackdown on Underage Gambling

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Following the successful prosecution of the Peninsula Club in Dromana, Victorian Gambling and Casino Control Commission (VGCCC) CEO Annette Kimmitt AM reiterated the regulator would continue to crack down on venues that allow children to enter poker machine areas.

The Magistrates’ Court of Victoria fined Victorian Amateur Turf Club, the venue owner, $7000 for 2 breaches of the Gambling Regulation Act 2003 (Vic) and ordered it to pay VGCCC costs of $3500. No conviction was recorded.

Ms Kimmitt said: “This is a warning to every venue. The onus is on you to ensure that children cannot and do not enter the gambling area or participate in any gambling activity, even if they’re with an adult.

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“Equally, staff must be adequately trained and present in the gambling area to supervise while machines are in use.

“Research tells us that people who begin gambling at a young age are at greater risk of developing gambling problems as an adult.

“The rules exist to protect children from exposure to, and harm from, gambling.”

On 10 June 2023, a child entered the gambling area of the Peninsula Club twice and was able to use the poker machines on both occasions. During the second visit to the area, while with adults, the child used a poker machine for about 5 minutes, until staff intervened.

Magistrate Ayres considered the venue’s self-reporting, its lack of prior convictions, early plea and remediations implemented to reduce the chance of future offending.

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Australia

The Star Forced into Trading Halt After Failing to Publish Financial Results

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The Star Entertainment Group has been forced into a trading halt, after failing to publish its half-year results on Friday.

According to a company release, the halt starts on Monday, unless the group is able to lodge its periodic report by end of trading. Otherwise, the suspension will remain in effect until the report is lodged.

This appears unlikely, as the group notes that it can’t publish its 1HFY25 Report ‘unless, and until, it has secured a refinancing commitment that would enable The Star to refinance all of the Group’s existing corporate debt, as well as to provide additional liquidity’.

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According to reports, the group’s Chief Executive Steve McCann is working to secure over AU$100 million ($62 million) in short-term funding, hoping to keep the company afloat until May.

McCann is reportedly trying to access the AU$60 million ($37.3 million) garnered from the sale of the group’s Sydney events center last month, which is being held in escrow.

The funds, however, will only be released after approval from the New South Wales government.

If released, this would help McCann negotiate with lenders for the additional funding he hopes can prop up the group.

The Star has been warning for months that it has run out of cash, indicating in January that at the end of 2024 it held just AU$78 million ($48.5 million) in available cash.

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Despite owing lenders some AU$430 million ($267 million), The Star has not accepted offers both from its joint venture partners in Queen’s Wharf Brisbane (Chow Tai Fook and Far East Consortium) and by funds associated with Oaktree Capital Management.

Blackstone has indicated that it could be interested in an acquisition of The Star upon its entry into voluntary administration.

The post The Star Forced into Trading Halt After Failing to Publish Financial Results appeared first on European Gaming Industry News.

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