James Packer quits Crown Resorts for 'personal reasons'

Mae Love
March 21, 2018

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.

We have appreciated James' contribution to the board and respect his decision to step down from his role as a director at this time.

In a brief statement issued to the ASX this morning, Crown Resorts said that Mr Packer resigned as a director of the casino group "for personal reasons".

A stream of leaks from the investigation have appeared in local media, many concerning hospitality given by Packer - who seeks high-tech investments in Israel and owns a home in glitzy Caesarea - to Yair, both in Israel and the United States. Packer is a much-publicised character and one of Australia's wealthiest men. "And you get gun-shy of getting hit", Mr Packer said in the interview.

Packer, who is Crown's largest single shareholder, rejoined the company as a director in August of last year, having previously stepped down from the role in 2015.

Mariah Carey was introduced to the stage by Packer at Crown Casino's New Year's Eve Party in 2015.

Recently, Mr. Packer has been shedding assets.

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"He was a big personality associated with the direction and the drive of Crown", Mr Lucas said.

Shares in Crown were 18 cents, or 1.4 per cent, lower at $12.89 at 1153 AEDT.

Packer had only returned to the board past year after previously stepping down to focus on global interests.

According to a report in The Australian, Packer's resignation follows his decision to reduce his shareholding in Crown Resorts in December.

"When anyone - including a high-profile person - is prepared to talk publicly about these matters, it encourages others to have the conversation", beyondblue chief executive Georgie Harman said on Wednesday.

Anyone suffering mental health concerns, or who have concerns for the welfare of someone else, can contact beyondblue on 1300 22 4636 or Lifeline on 13 11 14.

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