Packer steps back for mental health

JAMES Packer has quit casinos operator Crown Resorts’ board in a surprise move as the billionaire takes time out to deal with mental health issues.

“Mr Packer is suffering from mental health issues,” Mr Packer’s Consolidated Press Holdings — Crown’s largest shareholder — said in a statement.

“At this time he intends to step back from all commitments.”

CPH issued the brief statement shortly after Crown had announced Mr Packer’s departure for “personal reasons”.

Mr Packer will stand down from the board of Crown and as chairman of CPH, which holds a 47.2 per cent stake in the casino operator.

It is understood Mr Packer’s resignation decision was sudden and made after he realised he had been unwell for some time.

Mr Packer, who is currently in the US, intends to take a complete break from work commitments.

The billionaire had resigned from Crown’s board in late 2015 and only resumed a directorship in August last year.

Crown will remain in the control of executive chairman John Alexander, who has overseen Crown’s improved performance since the company refocused closer to home following the detention of Crown employees in China in late 2016.

In an interview with The Australian newspaper in October last year, the scion of media tycoon Kerry Packer acknowledged he had always been shy and never liked the publicity he attracted.

“Most of it is negative. And you get gun-shy of getting hit,” Mr Packer said in the interview.

Mr Packer was in the spotlight over his engagement to, and subsequent breakup from, singer Mariah Carey.

His residence in Israel and questioning — as a witness and with no allegations of wrongdoing — during an investiga- tion of bribery allegations against Israeli Prime Minister Benjamin Netanyahu also generated headlines.

Shares in Crown closed down 12c, or 0.92 per cent, at $12.95 yesterday.