In a surprise announcement, Australia’s Crown Resorts today reported that its well-known billionaire director, James Packer, has resigned.
There is no explanation of Packer’s decision. The company simply states that it is "personal reasons." John Alexander, executive chairman, is on record as "appreciating James’ contribution to the board and respect his decision to step down from his role as a director at this time."
However, the media is widely reporting an unnamed "spokesperson" from Packer’s private investment company who suggested that he is "suffering from mental health issues."
Packer, 50, rejoined the board of Crown in August having previously stepped down as chairman and director in 2015. The largest shareholder in Crown is Packer’s company Consortium Press Holdings and a spokesman from that organisation said that he would "step back from all commitments."
He had rejoined the Crown board last year after the company withdrew from its Macau and US investments and re-focused on Australia. Only this month he sold over US$76m in Crown shares but retains a 47 per cent holding in the company. Packer is a much-publicised character and one of Australia’s wealthiest men. He was caught up in a scandal involving Israeli Prime Minister Benjamin Netanyahu in February of this year. He also hit the headlines in 2016 when he split from singer Maria Carey. James Packer is the son of Australian media tycoon the late Kerry Packer.
Crown Resorts is one of Australia’s largest gaming groups, owning the Crown Melbourne, Crown Sydney and Crown Perth casinos, the CrownBet sports betting company and Aspinalls Casino in London.
