Aussie billionaire Packer resigns as Crown Resorts director

Mr Packer said he wanted to focus on Crown projects in Sydney, Melbourne and Las Vegas, and on the business’s online platforms.

“He is clearing the decks for his family business CPH (Consolidated Press Holdings) – which has the majority stake in Crown – to take it over”.

Crown chairman, Rob Rankin, said, “On behalf of all Crown shareholders, I would like to again thank…”

Mariah Carey and James Packer at the gala opening of Packer’s new casino in Macau in October.

Mr Rankin said Mr Packer will continue to have “a very active involvement” in Crown in his new role and as the major shareholder of the company.

In August, he surprised investors by quitting as Crown chairman on the same day the company reported a one-fifth decline in annual net profit because of lower Macau earnings.

“It (the resignation) removes his (Mr Packer’s) conflict of interest if he were to sit on the board and Consolidated Press Holdings were to have a crack (at a takeover)”, Mr Lucas said on Monday.

“To be heading over for New Years Eve with James and to be able to put on a performance at Crown Melbourne – it’s incredibly exciting”.

“It’s huge, huge part of his life”, Mr Lucas said.

Mr Rankin, the Crown Resorts chairman, said in Monday’s filing there was still the possibility of Mr Packer returning to the Crown Resorts board.

Crown shares advanced in Sydney trading after Packer described Crown as his “biggest professional priority”.

“If you want to build a globally iconic, integrated resort company then you have to be in Las Vegas and our team on the ground are working well and we are seeing good progress there”, Mr Packer was quoted saying in an interview with the Australian Financial Review, published on Sunday.

Crown shares were 39.5 cents, or 3.4 per cent, higher at $11.995 at 1142 AEDT. “Gretel (James Packer’s sister) and I have never been closer”.

Mr Rankin said the departure of the Sydney-born executive would not change any sales process and he has faith that the board’s independent directors will consider any deal on its merits.