Crown’s $24m farewell

CROWN Resorts paid nearly $24m to outgoing executives of the embattled gaming giant in the 2021 financial year, following the cavalcade of state government inquiries that have threatened the James Packer-backed group’s casino licences.

Crown’s latest annual report also included a warning from auditor KPMG that there is “significant doubt” that the group will be able to continue as a “going concern” due to the impact of Covid and regulatory burdens of the current royal commissions into its WA and Victorian casino licences that have placed the group at risk of defaulting on their loans.

Former chief executive Ken Barton (pictured) received nearly $6.3m – almost twice what he earned the year before – due to a $3.5m termination benefit. Former executive chairman John Alexander received just over $2.5m. The group’s former Australian Resorts CEO Barry Felstead received about $4.7m, including a $3.2m termination benefit.

Former executive vicepresident of strategy and development Todd Nisbet received a whopping $6.6m, about half of which was a termination benefit. The figures do not include annual and long service leave accrued by the four, which tops $7.2m in total.

Former executive chairwoman Helen Coonan, who stepped down last month, received just over $1.3m of her $2.5m salary.