Crown Resorts confirms appointment of Ziggy Switkowski as chairman

Ziggy Switkowski replaces Helen Coonan as chairman of the group.
Ziggy Switkowski replaces Helen Coonan as chairman of the group.

The appointment of Ziggy Switkowski as an independent non-executive director of Crown has become effective following the receipt of all necessary regulatory approvals.

Australia.- Ziggy Switkowski has been confirmed as chairman of Crown Resorts following the necessary regulatory approvals. Switkowski was elected in August to replace Helen Coonan, who assumed the role on an interim basis when Ken Barton stepped down following the ILGA’s inquiry into Crown’s fitness to keep its licence for Crown Sydney.

However, Adrian Finanzio, the counsel assisting Victoria’s Royal Commission into Crown Resorts questioned the appropriateness of Coonan remaining in the position. Coonan stepped down in August and was briefly replaced by Jane Halton as interim chair. Halton will remain an independent non-executive director.

Crown receives new acquisition offer from Blackstone

Last month, the Blackstone Group made a new unsolicited, non-binding proposal to acquire all of the shares in Crown at a price of AU$12.50 (US$9.11) cash per share. The offer came six months after Blackstone’s last offer for the operator.

In March, Blackstone, which already has a 10 per cent holding in Crown, offered to buy the outstanding shares for AU$11.85 cash per share. It then increased its offer to AU$12.35 in May.

Crown said it would assess the proposal. Any acquisition would be conditional on Blackstone receiving final approval from the casino regulators in each of Victoria, New South Wales and Western Australia (the Regulators).

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Crown Resorts