Crown, Optus and FTX: 2022 was a vintage year for corporate crises

While every year has its typical list of corporate crises, 2022 was different. The usual variety of companies were caught out — from the CEO of Lark Distilling forced to resign in February after the release of a video supposedly showing him using drugs, to crypto exchange Swyftx forced to lay off 35% of its staff in December following the collapse of FTX.

What makes 2022 different is the dominant role of some of Australia’s most powerful corporations engulfed in crises. Organisations that should have the resources and experience to avoid the fatal combination of being badly prepared to avoid a crisis, and responding badly when it happens. 

Look no further than the giants of the Australian casino industry.  

The rolling crisis for the industry began in 2021, in the wake of shocking revelations at a series of public inquiries, which saw Crown Resorts declared unsuitable to hold a casino licence in Sydney and Melbourne.