James Packer resigns from Crown board

James Packer resigns from Crown board

James Packer resigns from Crown board

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.

Billionaire Australian businessman James Packer has suddenly resigned as a director of his casino company, Crown Resorts, due to mental health issues.

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.

Packer, who is Crown's largest single shareholder, rejoined the company as a director in August of past year, having previously stepped down from the role in 2015.

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Crown Resorts did not offer any further explanation but The Australian reported this morning that they were "mental health" reasons. "And you get gun-shy of getting hit", Mr Packer said in the interview.

Crown shares were down 0.9 percent at A$12.96 at 11:28 a.m., valuing the Melbourne-based company at A$8.9 billion ($6.8 billion).

Commenting on Packer's resignation, Crown's Executive Chairman, John Alexander, said, "We have appreciated James' contribution to the Board and respect his decision to step down from his role as a director at this time".

"He's a large figure in the business world and there's a lot more scrutiny of what he does than of others", said Evan Lucas, an independent market analyst and consultant based in Melbourne.

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Packer, 50, first left Crown's board in 2015, the year he was briefly engaged to singer Carey, and rejoined 14 months ago while the company was in crisis following the arrest of staff for breaches of gambling marketing laws in China.

A month ago, Mr. Packer sold off more than 100 million Australian dollars, about $75 million American, of his own shares in Crown.

It is the the second time in three years that Mr Packer has quit the Crown Resorts board.

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