On June 4, Australian operator Crown Resorts announced that John Borghetti will replace William McBeath as chairman of the company, effective July 1.
Borghetti will retain his current position as chair of Crown Sydney, and McBeath will remain on the board in a non-executive role.
McBeath had served as chairman since July 2022, when Crown was acquired by U.S. investment firm Blackstone for US$5.93 billion. His tenure included extensive remediation efforts to help fix a litany of compliance failures outlined in multiple state-led inquiries prior to the Blackstone acquisition.
“Now is the appropriate time to appoint an Australian-based Chair who will continue Crown’s focus on transformation, regulatory compliance, and safe and sustainable future growth,” McBeath said in a statement. “I am delighted that John Borghetti will continue this critical work as Chair and lead the Crown Resorts Board in its strategic development of Crown’s businesses in Victoria, New South Wales, and Western Australia, working constructively with Government and regulators.”
Prior to joining the Crown board, Borghetti worked as an airline executive for more than four decades, including a 10-year stint as CEO of Virgin Australia.
He said in a statement that he will “look forward to continuing the transformation of Crown Resorts, ensuring the company exceeds the expectations of all its stakeholders, including Government, regulators, guests and team members. The Board’s priority remains on compliant, safe, and profitable operations while ensuring we position the business for future growth.”
So far this year, Crown has regained full control of its licenses in Victoria and New South Wales, but operational challenges continue as its previous reliance on VIP players has not materialized since its regulatory overhaul began.
The company announced in May that it would cut 1,000 jobs across its operational and corporate divisions.
