Billionaire James Packer steps down due to “mental health issues”
James Packer has stepped down as director of Crown Resorts – which owns the Crown casinos in Melbourne and Perth – citing “mental health issues”.
The billionaire casino mogul’s sudden resignation is due to personal issues, according to a statement from Mr Packer’s private business, Consolidated Press Holdings.
“Mr Packer is suffering from mental health issues. At this time he intends to step back from all commitments,” it said.
Crown Resorts executive chairman John Alexander said, “We have appreciated James’ contribution to the Board and respect his decision to step down from his role as director at this time.”
Earlier this month, Mr Packer sold more than $100 million worth of his shares in Crown. His remaining stake was still valued at more than $4 billion.
Mr Packer, who is the son of the late media mogul Kerry Packer, has a reported net worth of $3.9 billion.