GGRAsia – James Packer resigns from Crown Resorts board

James Packer resigns from Crown Resorts board

Mar 21, 2018 Newsdesk Latest News, Top of the deck, World

Billionaire James Packer (pictured in a file photo) has stepped down as a director of Australia’s casino operator Crown Resorts Ltd. Mr Packer “has today resigned as a director for personal reasons,” the company said in a filing on Wednesday to the Australian Securities Exchange.

According to local media reports, a spokesman for Mr Packer’s private investment company, Consolidated Press Holdings Pty Ltd, said: “Mr Packer is suffering from mental health issues. At this time he intends to step back from all commitments.”

Consolidated Press Holdings is the largest shareholder of Crown Resorts. The privately held company earlier this month reduced its shareholding in Crown Resorts to maintain a 47 percent stake.

Commenting on the resignation, John Alexander, Crown Resorts’ executive chairman, said in a statement accompanying Wednesday’s filing: “We have appreciated James’ contribution to the board and respect his decision to step down from his roles as a director at this time.”

Mr Packer had rejoined the company’s board of directors in August last year after stepping down as company chairman in December 2015.