Packer Accelerates Crown Makeover as CEO Leaves, IPO Scrapped
- First-half profit before items falls 9.1% amid China crackdown
- Crown scraps proposed listing of some of company’s hotels
Crown's High-Roller Gambling Plunges Amid China Crackdown
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Billionaire James Packer accelerated his restructure of Crown Resorts Ltd., replacing the chief executive officer and scrapping a hotels listing as the casino operator seeks to recover from a gambling crackdown in China.
John Alexander, who’s worked for the Packer family for almost two decades and was named Crown chairman last month, will also take over the CEO role from Rowen Craigie next week, the company said Thursday. The concentration of power reflects Crown’s tighter focus on its Australian operations, after a group of employees were detained on the Chinese mainland in October for alleged gambling-related crimes.