Canadian casino CEO fired after a $700000 mistake in gambling loss. The Canadian Casino Corporation has been under fire after a loss of more than one billion dollars from its games of chance. The board of directors is still trying to figure out what went wrong. According to a Canadian Casino Corporation press release, the president and CEO of the Canadian Casino Corporation, Steve Williams, was fired “effective today.”
Although the Canadian Casino Corporation is not publicly traded, it is considered a major player in the casino gambling industry. According to the release, Steve Williams was the president and CEO of the Canadian Casino Corporation for four years until last week, and he was responsible for all of the company’s operations, including its daily operations, marketing plans, and its risk management practices.
In a statement, the Canadian Casino Corporation said that it “deeply regrets any loss of confidence in Steve Williams and his ability to lead our organization. As we have previously stated, mistakes do happen. However, we are confident that Steve’s leadership style and the solid foundation of our business and the robust management systems that support our strategy will help us prevent future mistakes from occurring. In addition, Steve and our Board are committed to continuing to strengthen and enhance our internal controls to ensure that mistakes do not occur again.” In other words, the board is concerned with ensuring that Steve Williams does not make another mistake.
The Canadian Casino Corporation has issued statements saying that it is looking into whether or not the executive office made the wrong decision in firing Steve Williams, and whether or not the decision to fire him was influenced by his performance at the board meeting. But it is not yet clear how this will affect the future operations of the company. Although the Canadian Casino Corporation is publicly held, it is considered a privately held corporation, so the decisions it makes will be different than those it would make if it were publicly held.
According to the release, the next president of the Canadian Casino Corporation will be David Davis, who has been the CEO of the Royal Bank of Canada and now is a member of the board of directors of the Canadian Casino Corporation. The board of directors will continue to meet with Steve Williams until the review process is complete. In the meantime, the Canadian Casino Corporation will be conducting an investigation to determine the reason for his firing, but no other specifics were given.
The Canadian Casino Corporation also noted that its goal is to regain the trust of the public that it needs to stay in the gaming industry and that it hopes Steve Williams can return to work with the company as soon as possible. There are some rumors swirling about whether or not Steve Williams could possibly be replaced by a new CEO, and the Canadian Casino Corporation is not commenting on this speculation until after the review is complete.