James Packer Steps Down as Crown Resorts Director

James Packer has led a high-profile life while serving as board of directors at Crown Resorts Limited. But the 50-year-old, who famously dated Mariah Carey, is stepping down from his position, citing “personal reasons.” The Daily Mirror put more context behind the matter, stating that Packer is “suffering from mental health issues.” Packer’s Re-Entry to […]

James Packer has led a high-profile life while serving as board of directors at Crown Resorts Limited. But the 50-year-old, who famously dated Mariah Carey, is stepping down from his position, citing “personal reasons.”

The Daily Mirror put more context behind the matter, stating that Packer is “suffering from mental health issues.”

Packer’s Re-Entry to Board Is a Failure

One major reason why Packer isn’t doing so well is because the company has floundered after he re-took control in August 2017. He originally stepped down as a Crown board member in December 2015, only to take his position back when the company exited Macau and the US.

Speaking of the latter, Crown Resorts tried to establish themselves in both America and Macau. The end result is that they sold off $300 worth of US assets and dissolved their partnership with the Hong Kong-based Melco Crown.

Crown Resorts felt the dissolution of their Melco Crown partnership was necessary after the latter saw 16 employees arrested for promoting gambling in China.

Australian Struggles Too

Packer tried to put the company’s focus back on Australia after their failed global moves. But this hasn’t worked out too well either, especially when the Victorian Commission for Gambling and Liquor Regulation (VCGLR) accused the company of tampering with slot machines.

The VCGLR is still investigating whether Crown violated the Gambling Regulation Act, and could discipline the company in the near future.

Combination of Bad News for Packer

Packer, who’s Australia’s eighth-richest person with AU$4 billion, still owns 47% of Crown Resorts. But it’s very possible that he’s burnt out from the recent struggles.

“It has been a tumultuous four or five years,” he recently said last year. “I’ve got China falling apart, the Australian casino businesses missing budgets by big amounts, I’ve got Mariah breaking up with me.“

Packer actually had to pay Carey a multimillion-dollar settlement worth $50 million after the two broke off their engagement. This obviously can’t have helped the issues Packer has been dealing with.

 

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