Packer quits as Crown director
BILLIONAIRE James Packer is taking a break from his casino empire to deal with mental health issues.
Mr Packer yesterday announced his decision to step down from the board of his casino empire, Crown Resorts, which includes his marquee Melbourne hotel.
Shares in the company fell 12 cents, or almost 1 per cent, yesterday to close at $12.95.
The billionaire is understood to be in the US as he continues to focus on his recovery.
But it’s unclear when, or if, he will return to the helm of the casino group he has built up.
“Mr Packer is suffering from mental health issues. At this time he intends to step back from all commitments,” a statement from Mr Packer’s private business, Consolidated Press Holdings, said yesterday.
Crown Resorts executive chairman John Alexander said: “We have appreciated James’ contribution to the board and respect his decision to step down from his role as director.”
Mr Packer, son of the late media magnate Kerry Packer, has a reported net worth of $3.9 billion. But Crown Resorts has endured a tumultuous period, with the casino group pulling out of its Chinese operations after 16 staff were arrested in a gambling crackdown last year.
He also sold online bookmaker Crownbet to major shareholder Matt Tripp for $150 million this year.
Mr Packer’s private life has also been difficult after the breakdown of his engagement to singer Mariah Carey. He has previously spoken about his battles with depression.