Zona de Azar Australia – James Packer Resigns as Director of Crown Resorts

Australia.- March 23, 2018 www.zonadeazar.com Billionaire James Packer (Picture) has stepped down as director of his casino empire, Crown Resorts citing mental health reasons.

A spokesman for Packer’s private investment vehicle, Consolidated Press Holdings, said he had resigned from the board of Crown Resorts for personal reasons.

“Mr Packer is suffering from mental health issues. At this time he intends to step back from all commitments,” the spokesman said.

Packer had only recently returned to the board in August last year after previously stepping down to focus on international interests.

He is believed to be in the United States where he is receiving help for depression and anxiety.

Packer has had a number of battles with depression. After the collapse of One-Tel in the early 2000s he stepped out of the limelight and was said to be dealing with a breakdown. He also experienced mental health issues after his split with his first wife Jodi Meares, and again during the global financial crises, when his business empire was hard hit.

The last two years have been a horror period for Packer both personally and professionally.

In Israel, where he was living, he’s been questioned as part of a corruption investigation into prime minister Benjamin Netanyahu. Crown sources said Packer has now been cleared, but the investigation into Netanyahu continues.

James Packer says more transparency on gambling harms may be needed

Crown’s overseas ambitions have been scaled back. In 2016 he began selling down his interests in the Melco-Crown venture in Macu to his business partner Lawrence Ho. Although he made money on the sale and reduced Crown’s debt, Melco Crown shares have surged following the sale. Packer had expressed disappointment that he was forced to exit .

He’s also had to walk back from an unsuccessful tilt at the Las Vegas casino industry and he ended his partnership with producer Brett Ranter in RatPac Entertainment.

Meanwhile he had to deal with the arrest and subsequent jailing of 19 Crown staff and contractors in China on charges of promoting gambling. They served 10 months in detention and were released in the middle of last year. The arrests crimped Crown’s ability to attract high-rollers to its Australian casinos.

On the personal side, his highly publicised engagement and then split with singer Mariah Carey put the notoriously private Packer on the front cover of celebrity magazines.

Since that time he has kept a very low profile and has rarely visited Australia.

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