Blackstone’s Head of Real Estate Australia, Chris Tynan, said: “We thank Steve for his leadership over the last 13 months, including implementing a strong reform and remediation plan and improving the culture of Crown Resorts. We wish the best for him as he pursues other opportunities.” Source: Shutterstock.
The American investment company has finished their take over of the once James Packer owned gambling business, appointing a new CEO as their first move.
Steven McCann will step down as boss of Crown Resorts and Crown Melbourne after more than a year with Ciaran Carruthers set to take on the position of Crown Resorts CEO beginning in September.
Crown Resorts has said that a new chief executive for Melbourne and Perth will be announced soon but that Mr Carruthers is “highly regarded” in the global gaming and hospitality industries, previously having worked for Wynn Macau casino.
“I have been following Crown’s journey for some time now and am excited to join the company at a significant moment in its history. The reform, remediation and cultural transformation that have occurred under Steve’s leadership have been extraordinary,” said Mr Carruthers.
Mr McCann mentioned that it had been an honour to serve Crown.
“I came into this role at a very challenging time for Crown and I will leave Crown proud that we have made a positive impact on the future of this business.”
Bill McBeath from The Cosmopolitan in Las Vegas, John Borghetti AO from Virgin Australia and John Van Der Wielen were appointed as key board members.
Blackstone acquired Crown Resorts for $8.9 billion earlier this year after originally purchasing a 10 per cent stake in the company back in 2020.
James Packer was thought to have profited about $3.2 billion from the sale after his 37 per cent holding in Crown Resorts.
It was suggested that he sell his stakes in the company after money laundering and other crimes were found to have taken place throughout many of the casinos. Several inquests also found Crown casinos were “unfit” to operate.
