Today Crown Resorts CEO Ken Barton announced that he was resigning from the gaming resort company after money laundering allegations cost the company its chance to open a casino in the city of Sydney.
Last week we reported that Crown was deemed unfit to operate the casino property in its Crown Sydney skyscraper, for which it has spent millions. The review said that there would need to be serious corporate cultural changes as well as remedies to lacking anti-money laundering rules in order to potentially be allowed to run the casino.
The company will be temporarily led by Helen Coonan while a new CEO is hired by the Board of Directors.
Commenting on the situation Coonan said, "The board is determined to maintain the momentum as Crown takes significant steps to improve our governance, compliance and culture. I will continue to lead on implementation of Crown's ambitious reform program."
We're closely following this story and will be updating readers as developments arise.