Packer Will Devote Energy to Crown’s Online Platforms

Published Tuesday, December 22, 2015 -
Packer Will Devote Energy to Crown’s Online Platforms

James Douglas Packer who was born 1967 is an Australian businessman, investor, and philanthropist and a mover and shaker in the gambling business. The recent exit he has made as the director of Crown Resorts Ltd. not that long after resigning as chairman of the Australian casino operation is moving and shaking the gambling industry.
The resignation is  “effective immediately ” and was not really explained by Mr. Packer in the statement released. It has been suggested that “the vast majority” of Packer's wealth is concentrated in the Crown Resorts enterprise and the latest moves Mr.Packer has made will definitely reduce his influence over the firm's future.
Chinese government intervention on corrupt practices has created decreased revenue streams in Macau resulting in Crown’s shares losing one-fifth of their value this year. Crown owns a one-third stake in Lawrence Ho’s Melco Crown Entertainment. The 420,000-square foot Studio City in Macau which is Asia's first leisure resort to integrate television and film production facilities, retail, gaming and hotels was recently opened.

Packer commented, “Now is the right time for me to focus my endeavours on my new role with Crown, as I outlined to shareholders when I stepped aside as chairman in August,” Packer added, “I intend to devote my energies to a number of key development products in Sydney, Melbourne and Las Vegas as well as Crown’s online platforms.”  Crown shares surged recently after Australian media reported he was is in talks with possible partners with the intention of taking certain assets of Crown into the private sector. The news pushed Crown’s shares up 14 percent.
Crown Resorts new Chairman Robert Rankin who was the former CEO of Packer family conserns Consolidated Press Holdings commented, “This is not an ending, but a phase and an internal transition,”  Rankin continued, “James will continue to have a very active involvement in his new role and as the major shareholder of the company. And, of course, as the major shareholder, it is open to James to return to the Crown board at some time in the future.”


Related news

Return to Latest News