Alvarez & Marsal

Blackstone-controlled Crown Resorts will shift more than 100 corporate jobs offshore to take further costs out of the business, as it faces industrial action in Victoria. Sources with knowledge of the strategy, not authorised to speak publicly, said Crown had decided to move most of its technology, accounting and finance functions to a global capability centre set up in Asia. The job cuts will not affect frontline or guest-facing workers. "The final number of affected positions has not been determined, but it is expected to be more than 100 roles." Crown hired consultants Alvarez & Marsal late last year to help executives identify non-gambling revenue across its Sydney, Melbourne and Perth resorts; that project, known as Project Velvet, assisted with the decision to shift roles offshore. A Crown spokeswoman said the changes were made to ensure the business was efficient and sustainable: "We remain focused on enhancing guest experience and investing where it matters most." She added: "Decisions that impact team members are not taken lightly, and this work is being carefully balanced to meet the needs of our teams today with sustainable growth." The decision was announced to staff by email and coincided with a dispute with the United Workers Union, representing more than 1,000 Melbourne workers, over a new enterprise agreement. Crown posted a $142 million net profit for the year to 30 June after a $164.8 million loss the prior year, driven by $220 million in cost savings, the sale of its London business and a 20 per cent stake in Nobu. Blackstone bought Crown for $8.9 billion in 2022. CEO is David Tsai.