Packer retreats to fight demons

BILLIONAIRE James Packer has taken another step back from his business empire as he battles mental-health issues.

Mr Packer has resigned as a director of his private investment company Consolidated Press Holdings, which owns a $4.27 billion stake in Crown Resorts.

The retreat follows Mr Packer’s shock move in late March to leave the board of his casino empire, Crown Resorts.

Mr Packer revealed at the time he was “suffering from mental-health issues” and intended to “step back from all commitments”.

It is believed Mr Packer is seeking treatment for depression and anxiety.

Consolidated Press owns a 46 per cent stake in the $9.3 billion Crown Resorts, among other investments. Shares in Crown traded flat yesterday.

Crown Resorts and Mr Packer have been through a tumultuous period, with the casino group pulling out of China after 16 staff were arrested there in June last year.

Mr Packer was also forced to pull the pin on his Las Vegas ambitions, exiting a new casino and hotel project in the US gambling mecca as Crown refocused on its Australian operations. Online bookmaker Crownbet was sold to major shareholder Matt Tripp for $150 million earlier this year.

Mr Packer’s private life has also been difficult after the breakdown of his engagement to singer Mariah Carey.