In a move that is feeding speculation that Crown Resorts might soon go private, majority shareholder James Packer has quit the company’s board.
Packer said the move was planned as part of the transition triggered when he resigned as chairman several months ago, but speculation has begun that the intended purpose is to remove his conflict of interest if the Packer family-owned Consolidated Press Holdings offers to buy out Crown.
Packer has reportedly been lining up investors to raise $5bn to buy the 47 per cent of Crown that Consolidated doesn’t already own. Packer says he remains passionate about Crown and will focus his efforts on development projects in Melbourne, Sydney and Las Vegas, the Sydney Morning Herald reported.
Packer will remain co-chair with Lawrence Ho of Melco Crown.
Source: Fantini’s Gaming Report
