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The Australian Magnate James Packer Has Resigned

The Australian Magnate James Packer Has Resigned

24.03.2018 05:24

The Australian Magnate James Packer Has Resigned As A Director Of Crown ResortsJames Packer steps down as executive chairman

The executive chairman of Crown Resorts James Packer, suffering from mental health issues has resigned. This is his second resignation, after the first when he stepped down in December 2015 also as a director of Crown, because of his focusing on the development of other projects including online platforms. 
Mr. Packer has returned as a director to the Crown’s board in January 2017, after the serial of leadership changes in the company, causing from the decision of the same to left Macau and to focus on the Australian gaming market.
In that time to keep his position in the company at around 47 %, Mr. Packer had to sell Crown’s shares in worth over 100 million dollars.

Mr. Packer in the top 10 richest people in the country

James Packer, the son of media magnate Kerry Packer, after the that of his father, took over the business and invest the money in the gaming industry. His net worth of 3.9 billion dollars is enough to rank him among the 10 wealthiest people in Australia.

The previous period was very tough for Mr. Packer 

Last year, Chinese government penalized Crown company with 1.6 million dollars for chasing high roller gamblers and 19 Crown employees were arrested in Shanghai by Chinese authorities.
In October last year James Packer broke up his relationship with pop – star Mariah Carey, but this messy ending cost him between 6-13 million dollars and this Mr. Packer call “mistake”.
Mr. Packer has been linked to a corruption scandal related to Israeli Prime Minister Benjamin Netanyahu. But after the investigation, Israeli police recommended that Mr. Packer is not involved in this case.
All those things have an influence on Mr. Packer’s health and that is the reason why he steps down of his role as a director and all commitments.
 Mr. Packer, at the moment, is in the United States related to his mental health problems.
The Herald Sun made reportage with him were said that he doesn’t know when he will be back to Australia. He also said about his long-term battle with depression and reveals that in 2013 when he was “deep down”, Tom Crouse, the movie star helped him.   
Mr. Packer pointed that he was very afraid two years ago, because of his dept of 2.3 billion dollars at CPH, over 3 million dollars dept at Crown. In the same time, Macau business falls down, appeared the problems with a casino in China, the Casino business in Australia missed big budget. On the top of all those problems there was a situation with his older sister Gretel about 10 years patrimony negotiation and finally, separation with Mariah caused his mental health issues.        
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