Crown Resorts CEO Carruthers to Step Down in September

After a transformative period that helped ensure regulatory compliance for Crown Resorts, the company’s CEO, Ciaran Carruthers, will step down from his role. On Monday, the leading gaming and hospitality operator confirmed that its CEO will step down from his role effective from September 1.

While Carruthers will remain a part of Crown Resorts, he will hold an advisory role before leaving the company before the end of 2024. Filling the vacant role, the gaming and hospitality operator selected David Tsai, its president and chief operating officer. Tsai will become an interim CEO, effective from September 1 and retain the role until a permanent replacement is found.

Carruthers joined Crown Resorts back in September 2022. Taking on the role, he filled in the position from Steve McCann, who joined the company’s competitor, Star Entertainment. The appointment of Carruthers as CEO was completed during a challenging moment for Crown Resorts.

The company faced regulatory scrutiny amid government probes that alleged deficiencies and breaches related to anti-money laundering and counter terrorism financing policies. In addition, back in June 2022, Crown Resorts was acquired by Blackstone in a deal for a mind-blowing $6.15 billion.

Ultimately, Carruthers’ hire sought to reinstate Crown Resorts’ compliance. In addition to the acquisition, Blackstone invested a sum north of $130 million to help the gaming and entertainment company improve its policies and implement changes, ensuring its compliance with the regulations.

Under Carruthers’ Tenure, the Company Achieved Many Important Milestones

After spearheading Crown Resorts for two years, Carruthers’ tenure can be recognized as a success. This is because, during that time, the company improved its operations and was able to retain its gaming licenses. Moreover, Carruthers played a key role in Crown Resorts’ reorganization and transformation.

Sharing his excitement, the outgoing CEO explained: “I am very pleased to hand over a stronger, compliant and transformed business to its next leader.” Additionally, Carruthers pointed out: “There is more work to do, but I am very proud of what we have achieved as a team.”

John Borghetti, Crown Resorts’ chair, was similarly excited. He spoke about Carruthers’ leadership, explaining that under his tenure, the company “achieved critical milestones including a whole-of-business transformation and remediation program.”

Borghetti spoke about the implementation of cashless gaming, as well as the unique gambling harm minimization program, Crown PlaySafe, among other achievements. “Ciaran’s leadership and contribution has been highly valued and we wish him every success in the future,” added Crown Resorts’ chair.

As a part of the restructuring, Crown initiated 1,000 job cuts earlier this year. The layoffs affected the company’s casinos in Perth, Sydney and Melbourne.