Lockheed Martin Emerges as Frontrunner to Acquire Ultra Maritime in $3.5 Billion Defense Deal 
Nike Q4 Earnings Beat Estimates as Wholesale Growth Offsets Direct Sales Weakness 
South Korea Alleges Google Abused Android App Store Dominance, Eyes Major Fine 
Apple Eyes Chinese Memory Chips as AI Shortage Pressures iPhone Supply Chain 
Apple Expands iPhone Lineup, Boosts Foldable iPhone Production Plans Through 2027 
Meta Stock Jumps as AI Cloud Expansion Challenges AWS, Microsoft, and Google 
Kawasaki Heavy Shares Slide on Report of ¥200 Billion Capital Raise Plan 
Chip Stocks Rally as Samsung and SK Hynix’s $1.3 Trillion Investment Plan Boosts AI Optimism 
Northern Star Appoints New CEO as Activist Elliott Pushes for Leadership Overhaul 
OpenAI Proposes 5% U.S. Government Stake Amid AI Policy Talks 
Trump Reports $1.4 Billion in Crypto Income as Digital Assets Become Top Wealth Source 
EU Chip Industry Faces Growing Risks From China Export Controls and U.S. Technology Dependence: Report 
Chinese Copper Foil Maker Londian Files U.S. IPO as EV Battery Demand Grows 
Kioxia Bets on AI Memory Boom With Next-Gen NAND Production in Japan 
SK Holdings, KKR Launch $1.3B Renewable Energy Venture in South Korea 
Switch Seeks $2 Billion Funding at Nearly $50 Billion Valuation Ahead of Potential IPO 
Crown Resorts chief executive officer Ken Barton stepped down from his office after the Australian government declared the establishment as not fit to have a license to operate a casino.
The controversies that led to Barton’s resignation
The New South Wales (NSW) state’s gambling overseers said that Crown Resorts, Sydney’s flagship casino, could not be issued a gaming license. This declaration came after the gambling watchdogs stated the hotel is not fit to run a casino after a probe unveiled widespread money laundering anomalies, and there are issues with governance as well.
The gambling regulators were said to have notified Crown Resorts about its newly-built casino in Sydney’s violations. It was said that there had been a breach of terms in the VIP Gaming Management Agreement. With the violation, BBC News reported that the gaming watchdogs are now doubting other Crown Resort casinos in Australia.
The NSW gambling regulators probed the Crown’s board and business culture and discovered that criminal activities and conduct took place at some of Crown's casinos, such as in Melbourne. In the wake of the controversies and reports, Ken Barton submitted his resignation as the CEO.
As per Reuters, as the establishment’s chief left his post, three other directors have resigned too. Another executive was also said to have severed ties with James Packer, a major shareholder of the company who was also heavily criticized for his influence on the business.
Packer, an Australian billionaire, was said to have been peppered with allegations of illegal activities in the casinos for years. However, he managed to avoid any formal legal charges since the authorities need proof if this is really true.
The hunt for the new chief
Now, as Ken Barton vacates his office, Crown’s chairman Helen Coonan will take over. She will temporarily take the chief role while the company looks for someone who will replace Barton.
“The board is determined to maintain the momentum as Crown takes significant steps to improve our governance, compliance and culture,” Coonan said in a statement. “Working closely with the NSW Independent Liquor and Gaming Authority and regulators in Victoria and Western Australia, I will continue to lead on the implementation of Crown’s ambitious reform program.”
Meanwhile, The Guardian reported that Ken Barton is still eligible for a big payout after resigning. He can go home with at least a $3 million payout from Crown Resorts.
