Crown Resorts names former Virgin Australia CEO John Borghetti new Chairman

John Borghetti, former CEO of Virgin Australia, will become Crown Resorts’ new chairman effective July 1. Borghetti takes over from William McBeath, who will remain an independent non-executive director after serving as chairman since July 2022.

Borghetti, who has been chairman of the Crown Sydney business since mid-2022, was appointed by Blackstone following its acquisition of Crown for AU$ 8.87 billion (US$5.93 billion). Despite taking on the wider chairman role, he will also continue as chair of Crown Sydney.

Borghetti has over 45 years in the aviation industry, including a decade as CEO of Virgin Australia until March 2019. He currently holds positions as director at Balmoral Pastoral Investments and as a member of O’Connell Street Associates, and he has previously served on the boards of Brisbane Airport Corporation, Alinta Energy, Coca-Cola Amatil, Energy Australia, and the Art Gallery of New South Wales.

Borghetti stated: “I look forward to continuing the transformation of Crown. This includes ensuring the company exceeds the expectations of all its stakeholders, including government, regulators, guests, and team members. The board’s priority remains on compliant, safe, and profitable operations while ensuring we position the business for future growth.”

Outgoing chairman McBeath said: “As chair, my priority was to lead the board and support the executive leadership team to successfully deliver the extensive regulatory and cultural reform and remediation programme for Crown Resorts and to achieve suitability. I am proud that both Crown Melbourne and Crown Sydney have retained their licenses to operate during this time. Remediation work in Crown Perth is also well-progressed. Now is the appropriate time to appoint an Australian-based chair.

“He will continue Crown’s focus on transformation, regulatory compliance, and safe and sustainable future growth. I am delighted that John Borghetti will continue this critical work as chair and lead the Crown Resorts Board in its strategic development of Crown’s businesses in Victoria, New South Wales, and Western Australia, working constructively with government and regulators.”

Borghetti’s appointment comes after Crown secured key regulatory approvals in recent months. In April, the New South Wales Independent Casino Commission confirmed that Crown could retain its casino license for its Sydney property, following three years of remediation.

Crown was previously found “unsuitable” to operate a casino at Barangaroo in Sydney in February 2021, due to findings from the New South Wales Casino Inquiry, which revealed evidence of money laundering and improper dealings with junket operators.

Following intensive monitoring and reforms, Crown met the NICC’s requirements and retained its license. Similarly, in March, the Victorian Gambling and Casino Control Commission ruled that Crown is suitable to hold a license for its Melbourne property.