Crown Resorts shelled out almost $10 million in payouts to three of its most senior executives when they parted ways with the embattled casino business, according to the company’s latest financial report.
Crown released its latest annual report today, canvassing the payouts offered to the senior figures who left the business in the wake of revelations its Perth and Melbourne casinos had links to organised crime and money laundering.
Despite the New South Wales Crown Resorts inquiry’s scathing review of his performance, former casino boss Barry Felstead took home $3.2 million in termination benefits when he ended his 26-year stint with the company to retire in December last year.
That payment was made on top of his $1.1 million annual salary, taking his total pay for the year to $4.3 million.
In addition, Mr Felstead received leave entitlements in the order of $2.6 million.
According to the report, former chief executive Ken Barton walked away with $3.3 million in termination benefits on top of his $1.9 million annual salary when he left the company in February after almost 11 years.
The NSW report recommended Mr Barton be replaced, finding he was not fit to run the casino.
But Crown allowed him to keep his shares after deeming him a “good leaver”.
In addition, Mr Barton received leave entitlements totalling $1.4 million.
Former Strategy and Development executive vice president Todd Nisbet received $3.1 million in termination benefits on top of his $2.3 million annual salary after he left the business after 13 years in June.
He also received leave entitlements of $1.4 million.
In the report, Crown also outlined its remediation plan in response to the issues raised by the various inquiries into the company’s operations, vowing to position itself as a leader in responsible gaming.
The departure of nine of the company's 11 directors over the past 12 months has resulted in almost an entire renewal of its board.
There have also been new appointments to several senior executive roles.
The report’s release falls on the last day of the latest round of Perth Casino Royal Commission hearings, an inquiry that is expected to determine Crown’s suitability to hold its WA casino licence.
