Crown Resorts (ASX:CWN) share price falls despite new board appointment

Crown today announced the appointment of a highly experienced non-executive director, as it continues to refresh its board.
The post Crown Resorts (ASX:CWN) share price falls despite new board appointment appeared first on The Motley Fool Australia. –

The Crown Resorts Ltd (ASX: CWN) share price is under pressure today regardless of the casino operator’s latest announcement.

During afternoon trade, Crown shares are down 0.95% to $9.38 a pop.

What’s dragging Crown shares lower?

Investors are selling off Crown shares amid Wednesday’s broader S&P/ASX 200 Index (ASX: XJO) slump. The weak investor sentiment comes as United States markets fell last night, with the Dow Jones dropping 1.63% to 34,299 points.

At the time of writing, the benchmark index is sinking 1.2% to 7,188.1 points.

Board appointment

According to today’s release, Crown advised it has appointed Anne Ward as its new independent non-executive director to the board. Although the news wasn’t enough to prop up the flailing Crown share price.

Ms Ward is an experienced company director with proficiency in business management, strategy, governance, risk and finance. She has worked across a number of sectors that include financial services, technology, healthcare, government, education and tourism.

Currently, Ms Ward is chair of e-commerce group Redbubble Ltd (ASX: RBL) and communication software provider MNF Group Ltd (ASX: MNF). In addition, she works as a council member at RMIT University.

Previously, Ms Ward has worked as a commercial lawyer and in other senior executive positions with National Australia Bank Ltd (ASX: NAB) and Minter Ellison.

Crown interim chair Jane Halton commented:

I am pleased to welcome Anne as a director. Anne brings to the Crown Board rich experience from her extensive board and executive careers. Her appointment further strengthens the mix of capability and experience as we continue the refresh of the Board.

Ms Ward is expected to join the Crown board immediately once it has received all necessary regulatory approvals.

Crown share price snapshot

Over the past 12 months, Crown shares have travelled sideways amid a series of negative updates.

Recently, the company’s auditor, KPMG, identified that legal and regulatory issues could force it to sell its assets. This comes as the Victorian Royal Commission is actively considering whether to revoke the company’s gaming licence in the state.

Crown’s full-year results recorded a net loss after tax of $261.6 million, down 429% on FY20.

The company’s shares are down 2.49% year to date. For the last 12 months they have posted a ~5% increase.

The post Crown Resorts (ASX:CWN) share price falls despite new board appointment appeared first on The Motley Fool Australia.

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Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended MNF Group Limited. The Motley Fool Australia owns shares of and has recommended MNF Group Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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