Packer Quits Crown Resorts Board Due To Mental Health Issues
Billionaire James Packer has quit the board of casinos operator Crown Resorts because he is suffering from mental health issues.
Mr Packer's private company, Consolidated Press Holdings, which is Crown's largest shareholder, said in a statement on Wednesday that Mr Packer had resigned from the Crown board for personal reasons.
"Mr Packer is suffering from mental health issues," a CPH spokesperson said in a statement.
"At this time he intends to step back from all commitments."
Mr Packer will stand down from the board of Crown and as chairman of CPH.
It is understood that Mr Packer's resignation decision was sudden and made on his own after Mr Packer realised he has been unwell for some time.
Mr Packer, who is currently in the United States, intends to take a complete break from work commitments in order to regain his health.
Crown Resorts will remain in the control of trusted executive chairman John Alexander, who has overseen Crown's improved performance since the company changed its focus following the detention of Crown employees in China in late 2016.
Mr Alexander said in a brief statement that Crown appreciated Mr Packer's contribution to the board and respected his decision to step down from his role as a director at this time.
In an interview with The Australian newspaper in October, 2017, Mr Packer acknowledged that he had always been shy and that he had never liked the enormous amount of publicity that he attracted.
"Most of it is negative. And you get gun-shy of getting hit," Mr Packer said in the interview.
James Packer in 2015
JAMES PACKER'S CHALLENGING FIVE YEARS
* September 2013: splits from Erica, the wife of his three young children.
* May 2014: captured by paparazzi brawling with close friend and then-Nine Entertainment chief executive David Gyngell
* December 2015: pays older sister Gretel a reported $1.25 billion to settle the terms of their father Kerry's will.
* January 2016: steps down from Crown board to focus on the casino operator's development projects.
* October 2016: breaks off nine-month engagement with US singer-songwriter Mariah Carey. The same month, 19 past and present Crown employees are detained in Shanghai, China.
* April 2017: pulls out of the Hollywood business RatPac, which he created in 2013 with producer-director Brett Ratner.
* May 2017: Crown pulls out of Macau, directing the $1.3 billion from the sale of its assets there to help pay down debt. Cashed-up mainland China gamblers had been deterred by the Shanghai detentions, affecting high-roller trade in Macau.
* June 2017: Crown pays $1.7 million in fines on behalf of the Crown staff who pleaded guilty to illegal promoting gambling on the Chinese mainland.
* August 2017: rejoins the Crown board
* December 2017: voluntarily meets with Australian Federal Police to be interviewed as a witness as part as part of a bribery investigation into Israeli PM Benjamin Netanyahu. There are no allegations of wrongdoing by Mr Packer.
* January 2018: Crown pulls the pin on Las Vegas expansion hopes and sells land on the Vegas strip for $370 million
* March 2018: quits the Crown board to deal with mental health issues.
If you or someone you know needs mental health support contact Lifeline on 13 11 14 or visit lifeline.org.au