Toni Korsanos resigns as Crown Resorts director

Ten board members have now stepped down from Crown Resorts.
Ten board members have now stepped down from Crown Resorts.

Toni Korsanos is the latest director to step down from Crown Resorts’ board. She will depart after the annual general meeting on October 21.

Australia.- After the departures of Helen Coonan and Xavier Walsh, now Toni Korsanos has resigned as a Crown Resorts director.

Through a press release, the casino operator announced Toni Korsanos will step down after the Annual General Meeting on October 21.

Jane Halton, Crown’s interim chairman, said: “On behalf of the Board, I would like to acknowledge and thank Mrs Korsanos for her valuable and significant contribution during her tenure as a Director of Crown. 

“Mrs Korsanos has provided stability and outstanding leadership and support to Crown as a Director and Chair of the People, Remuneration & Nomination and Audit & Corporate Governance committees.”

Korsanos said: “It has been a privilege to work with the members of the Board, senior management and the broader Crown team. Crown has been through a period of significant scrutiny while also managing the impacts of a global pandemic

“I am confident under the leadership of Dr Ziggy Switkowski and Mr Steve McCann, and the refreshed senior management team, Crown is well positioned today to become one of the most responsible and respected operators of integrated resorts.”

Korsanos joined Crown Resorts in 2018. Along with Jane Halton, she was one of only two directors who stuck through the operator’s recent controversies and public inquires.

In August, Crown Resorts appointed Ziggy Switkowski as chairman of the group to replace Helen Coonan, who stepped down after Adrian Finanzio, the counsel assisting Victoria’s Royal Commission into Crown Resorts questioned the appropriateness of her remaining in the position.

The company has named Steve McCann as chief executive officer of Crown Melbourne in addition to his role as CEO of Crown Resorts.

Uncertainty over Crown Resorts ability to continue as going concern

KPMG, Crown Resorts’ auditor, has warned that multiple investigations and the impact of the Covid-19 pandemic have created significant uncertainties over whether the Australian casino operator can continue to operate. 

Since the company faced money-laundering allegations in 2019, it has been involved in legal disputes and is currently facing two Royal Commissions. Crown has also said that the Australian Transaction Reporting and Analysis Centre (Austrac) is “very likely” to bring a civil lawsuit against its casinos in two cities, which could lead to hefty fines.

According to the Strait Times, the auditors’ report said Crown bonds were in danger of being reimbursed if its credit score falls beneath speculation grade. 

Auditors said: “The conditions disclosed… indicate a material uncertainty exists that may cast significant doubt on the group’s ability to continue as a going concern.”

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