End is nigh for Crown Resorts executives

Illustration: Rod Clement

It’s likely to be curtains for at least two Crown Resorts executives as the board of the James Packer-controlled gambling house meets today.

Ahead of the embattled group’s (virtual) gathering of shareholders on Thursday, the Helen Coonan-chaired Crown board will gather to consider the future of chief legal officer Joshua Preston and most likely accept the “retirement” of Australian resorts boss Barry Felstead.

The pair have a collective 31 years worth of experience at the controversial casino operator.

The meeting will also be the last for former Crown chair and trusted Packer executive John Alexander who was shunted from head of the board table in favour of former John Howard government frontbencher Coonan, 72, at a meeting in ­January.

Alexander was demoted from chair to executive director under a one-year contract that will end prematurely at the AGM on Thursday.

“There wasn’t a coup, Ms Sharp,” Coonan told counsel assisting Naomi Sharp of Alexander’s demise, as the new chair returned to the unfolding NSW gaming commission’s inquiry into Crown on Tuesday.

“It was a process that had some difficult aspects to it because Mr Alexander had left the country and wasn’t available in January.

James Packer at the NSW Casino inquiry.

“Far from leading the coup, no, I agreed to take on the role as chair because there comes a moment in a process, such as this, where you either take some steps to move off a board or you step up and try to be part of the solution.

“It was a difficult decision.”

So difficult, it seems, that it took Coonan, who with her flowing fair locks appears to be ­reverting to her blonde bombshell days as a young solicitor, more than eight years from when she joined the board to finally rise up.

All in the timing

Mounting executive carnage and payouts, costs from myriad regulatory inquiries and legal actions and the impact of the extended coronavirus lockdown in Melbourne will all impact Crown’s 2021 earnings.

But is the company now also facing the prospect of being forced to delay the long planned and much anticipated December 14 opening of its new $2.2bn Crown Sydney at Barangaroo?

Patricia Bergin’s riveting inquiry is into Crown’s suitability to operate a new casino in the Harbour City, prompted by allegations its casinos elsewhere were used for money laundering and organised crime.

Crown director Helen Coonan appearing at the NSW Independent Liquor and Gaming Commission inquiry. Picture Supplied

Problem is, Bergin is set to deliver her final report on Crown’s suitability on February 1 next year, seven weeks after the casino will have already been open.

Last week, Bergin asked Crown independent director Jane Halton whether it might be “inappropriate to open a casino which is the subject of a suitability inquiry?”

Halton said she wasn’t aware there had been any consideration of delaying the opening, but counsel assisting Naomi Sharp brought the matter up again yesterday with Crown chair Helen Coonan.

She confirmed there had been no discussion at board level of any delay, with Sharp then wondering if adequate protections were in place.

“It’s a fair question, and it’s one that I ask myself and I personally went down to the site and I have met all the team managers across all of the operation areas,” Coonan revealed.

“I do think we are ready and suitable and obviously will respect and listen to the recommendations of the inquiry.”

But the recommendations won’t come until after the ribbon is cut.

Don’t block out the diary just yet.

Little fish, big fish

It’s the full-page ad that will likely haunt Crown Resorts directors for years to come.

Yesterday, at the NSW gaming commission’s inquiry, Patricia Bergin again bought up Crown’s July 2019 ad (also submitted to the stock exchange), which sought to set “the record straight in the face of a deceitful campaign against Crown”.

The copy referred to a “former junior Crown employee” — Jenny Jiang — and questioned her “objectivity” on the basis that “she made an unsuccessful demand for compensation from Crown of over 50 times her final annual salary”.

Bergin suggested to Crown chair Coonan that the ad “suggested this young lady was a gold digger”.

Coonan agreed it was totally the wrong thing to do.

Bergin then inquired about Jiang’s annual salary, which Coonan didn’t know, adding that she did know what her final payment was.

“I think that the CPH directors would have been able to make it in a month on their retainers under the services agreement, Ms Coonan, if you accept that from me,” Bergin remarked.

Indeed, it’s all relative.

Meantime, James Packer’s luxury gigayacht IJE overnight moved through French Polynesian waters from Papeete, where the yacht has been for several weeks, to Bora Bora.

Packer might not be able to change the Crown narrative, but at least it’s a change of scene.

Qantas off course

Melbourne-born, but now Paris-based fashion designer Martin Grant has a longstanding relationship with Alan Joyce’s Qantas.

The couturier has designed the airline’s first-class PJs, in-flight slippers, socks and even eye masks.

Qantas has launched a range of leisurewear by Martin Grant, in the ongoing quest to find alternative sources of revenue in the COVID crisis.

Last week came the exciting news that the relationship had now gone to the next level, with Grant and Qantas joining forces to launch a line of leisurewear.

The collection includes T-shirts, hoodies, sweatshirts and a tote bag, with a T costing about $150 and a cashmere sweater $450.

Two Aussie greats in a cool collab, what could go wrong, right?

Only problem is Margin Call hears all of Grant’s new Qantas kit is being made in Paris where the designer is based, while the cashmere sweaters are being produced in Mauritius.

How very un-Team Australia.