Ciarán Carruthers resigns as CEO of Crown Resorts; David Tsai to assume role

Júlia Moura August 28, 2024

SiGMA news

Ciarán Carruthers resigns as CEO of Crown Resorts; David Tsai to assume role

Crown Resorts has announced that its CEO, Ciarán Carruthers, will step down at the end of this year, marking the conclusion of a period characterised by Carruthers’ exemplary leadership. Effective 1 September, current President and Chief Operating Officer, David Tsai, will assume the position of interim CEO. Tsai had recently taken on the role of COO on 1 August. For more details, check here. Carruthers will remain with Crown Resorts for a short, predetermined period to ensure a smooth transition before his final departure.

Carruthers’ decision follows a period of significant transformation at Crown, which began with Blackstone’s acquisition of the company in 2022. During his tenure, Carruthers played a crucial role in guiding Crown through a remediation process that led to the successful acquisition of licenses to operate casinos in Victoria and New South Wales.

John Borghetti, President of Crown Resorts, emphasised the importance of Carruthers’ leadership during this critical time. Under Carruthers’ guidance, the company implemented a robust transformation program that included innovations such as cashless gaming and must-have card games. Additionally, Carruthers was instrumental in launching the Crown PlaySafe harm minimisation program, which positioned Crown’s properties as some of the safest gambling environments worldwide.

Borghetti also expressed his gratitude for Carruthers’ contributions and wished him success in his future endeavours. Crown remains committed to continuing its journey toward becoming a world-class resort and a leading entertainment business.

In his closing remarks, Carruthers expressed pride in the work accomplished and the team he led, stating that now is the right time to pursue new opportunities. He leaves Crown in a strengthened position, well-prepared for new challenges under Tsai’s leadership.

“It has been a privilege to lead the committed and talented team at Crown Resorts, but I believe that now, after two and a half years of intensive transformation work, is the appropriate time to pursue other opportunities and interests. I am pleased to hand over a stronger, more compliant, and transformed business to its next leader. While there is still work to be done, I am very proud of what we have achieved as a team,” added Carruthers.

Background

In December of 2023, Crown Resorts faced mounting pressure from an investigation into CEO Ciaran Carruthers. Victoria’s gambling regulator is probing allegations that Carruthers overrode security protocols to allow patrons back into the casino after they had been ejected. The company has initiated its internal investigation and considered curtailing management’s authority over customer safety.

In April, the company announced significant cost-cutting measures, including layoffs of 1,000 employees, in response to increased compliance costs and financial losses. The company has been operating under strict regulatory watch due to past misconduct.