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.