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Crown Resorts CEO Craigie boosts pay

AAP logoAAP 19/09/2016 Lilly Vitorovich

Rowen Craigie, the chief executive of James Packer's casinos group Crown Resorts, has seen his annual pay jump more than 10 per cent to $5.7 million after the company's full year net profit surged.

Mr Craigie's remuneration package for 2015/16 included $3.07 million in salary and fees, plus $800,00 in short-term incentives and $1.8 million in long-term incentives.

In 2014/15, Mr Craigie was paid a total $5.15 million in salary and incentives.

Crown Resorts in August reported that annual net profit had more than doubled to $948.8 million, boosted by a net gain of $602 million from the sale of 155 million shares in joint-venture Melco Crown.

Crown's normalised results - which take into account variations in the win rate against high-rolling gamblers and excludes significant items - dropped 22.7 per cent to $406.2 million for the year ended June 30 from $525.5 million a year earlier.

Just over a week after the full year results were released, Mr Packer cut his 53 per cent stake in Crown to 48.2 per cent through his private investment company, Consolidated Press Holdings.

Mr Packer stepped down as Crown chairman on August 13, 2015 and was succeeded by Robert Rankin. Mr Packer subsequently resigned as a director of Crown on December 21, 2015.

At a statutory level, which takes into account the effects of accounting treatment, Mr Craigie's reported 2015/16 remuneration was $6.24 million and his 2014/15 pay was $1.85 million after adjustments to long-term incentives for hurdles that were not met.

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