James Packer Steps Down as Crown Resorts Chairman

Published on Thursday 13th August 2015, 10:01 am
Posted in: Casino Management

Casino Management

James Packer has stood down from his position as the chairman of Crown Resorts Ltd, an Australian entertainment company that owns prominent casinos in Australia, Asia and the UK. It is thought that he has left his position for personal reasons, with Harold Mitchell, a fellow director at Crown, remarking in The World Today that “James is going to spend more time with his children, his children live in Los Angeles, so that’s perfectly understandable.”

However, the announcement of Packer’s resignation as chairman comes as Crown Resorts posted a significant fall in profit - 41.3 percent for the year - due to struggling with its overseas investments, including the Melco Casino in Macau. A year ago, the company had generated AU$656 million in profit, but the Chinese government crackdown on corruption in Macau, a former Portuguese colony, is thought to have played a significant role in this year's drop.

Mitchell commented on the situation, saying that “Macau has caused the downturn. Not unexpected because of events in China, but great growth into the future...nothing unusual should be read into it [Packer’s resignation] other than James Pack is completely involved in the company at every level, just doesn’t happen to the chair the board.”

Packer weighed in the situation, saying in a statement, “I will continue to drive key projects, including our joint business in Asia and our planned resort in Las Vegas. I will also be working to improve Crown’s online strategies, an area where I believe we could be doing better and a platform which will provide great potential for global growth in the future.”

Robert Rankin will now step into the role of chairman while Packer will remain on the board of directors. Crown Resorts Ltd. holds a number of overseas investments, including the famous Crown Aspinall’s club in London.

Related News Articles

Casino Management

Casino Billionaire’s Newspaper Backs Rubio as Republican Candidate

A newspaper under the ownership of billionaire Las Vegas casino boss Sheldon Adelson has backed Florida senator Marco Rubio in the race to decide the Republican presidential candidate for the forthcoming election.

Tuesday 9th February 2016, 10:36 am
Casino Management

Drop in Revenue Could Create a Bleak Future for Atlantic City

The beginning of a new year has brought further misery for Atlantic City and its once thriving gambling industry.

Tuesday 19th January 2016, 10:20 am
Casino Management

William Hill Teams up with Inspired Gaming for Mobile Slots

William Hill fans will have access to two new mobile slots courtesy of a new collaboration with developer Inspired Gaming.

Tuesday 9th June 2015, 9:06 am

Gamble.co.uk Facebook

You first need to login to Facebook to view this page because it contains age restricted content.

Go to Facebook and Login