Crown resorts to name change bid
Crown has advised shareholders in a notice of meeting that it will seek their approval next month to change its name to Crown Resorts, to take into account its "expanded portfolio of integrated resort assets".
In Crown's annual report, Mr Packer said the name change was timely given its large investments in the past few years in tourism infrastructure, and its expanding domestic and international investments.
Crown has casinos in Melbourne and Perth, and owns a third of Asian gaming joint venture Melco Crown.
Mr Packer received NSW cabinet approval three months ago to move to the final assessment stage for a six-star hotel and VIP casino at Sydney's Barangaroo harbour-front development.
Crown also wants to build a casino in Sri Lanka's capital, Colombo.
The annual report reveals that Crown chief executive Rowen Craigie received almost $5 million last financial year, down from almost $6.9 million in 2011-12. The drop reflects a reduction in his long-term share incentives from just over $3 million to $1.19 million.
Greg Hawkins, who stepped down as Crown Melbourne CEO last month, received a total package of $1.34 million this year, down from $1.82 million previously. Crown said Mr Hawkins was not entitled to a long-term bonus.
Mr Hawkins has been replaced by former Crown Perth CEO Barry Felstead, who has taken on an expanded role of chief executive of the company's Australian resorts.
The pay for Crown's other top executives also fell.
Crown suffered a shareholder backlash against its remuneration report in 2011 because of a lack of detail around the hurdles for its long-term incentive plan for its executives. But the likelihood of that happening again this year seems low given that the hurdles appear high.
Crown will seek shareholder approval for the name change at its annual meeting on October 30 in Melbourne.
Frequently Asked Questions about this Article…
Crown Limited is proposing to change its name to Crown Resorts Limited. The company says the rebrand will help it be better known as a high‑end tourism operator and reflect its expanded portfolio of integrated resort assets and growing domestic and international investments.
Crown will seek shareholder approval for the name change at its annual meeting on October 30 in Melbourne, according to the notice of meeting.
Crown owns casinos in Melbourne and Perth and holds a one‑third stake in the Asian gaming joint venture Melco Crown. The company is also pursuing major projects including a six‑star hotel and VIP casino at Sydney’s Barangaroo and a proposed casino in Colombo, Sri Lanka.
Crown has approval from the NSW cabinet to move to the final assessment stage for a six‑star hotel and VIP casino at the Barangaroo harbour‑front development in Sydney, a project James Packer is advancing as part of Crown’s tourism infrastructure investments.
Yes. The company has indicated plans to build a casino in Colombo, the capital of Sri Lanka, as part of its international expansion efforts.
Crown’s annual report shows CEO Rowen Craigie received almost $5 million last financial year, down from almost $6.9 million in 2011–12. The drop largely reflected a fall in long‑term share incentives from just over $3 million to $1.19 million. Other senior executives’ pay also fell, including former Crown Melbourne CEO Greg Hawkins.
Greg Hawkins received a total package of $1.34 million this year, down from $1.82 million previously, and the company said he was not entitled to a long‑term bonus. He was replaced by Barry Felstead, the former Crown Perth CEO, who has taken on an expanded role as chief executive of Crown’s Australian resorts.
In 2011 shareholders pushed back against Crown’s remuneration report because of a lack of detail around hurdles for its long‑term incentive plan. The annual report notes those hurdles now appear higher, and the article suggests the likelihood of a repeat backlash this year seems low.
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