Packer steps down as Chairman of Crown Resorts

Following numerous quarters of consecutive performance declines, billionaire James Packer has confirmed that he will step down as Crown Resorts Executive Chairman.

As majority shareholder in the business, Packer will be transferred to a senior executive placement within the casino operator’s governance. Packer will further maintain his Co-Chairman position of subsidiary Melco Crown Entertainment Asia.

Packer will be replaced as Crown Chairman by company fianancial advisor and former Deutsche Bank Director Robert Rankin

Packer commented in a media statement that he would still be actively involved in Crown projects and strategy. However he would not no longer be involved with the chairing of the board.

“I will continue to drive key projects, including our joint business in Asia and our planned resort in Las Vegas, I will also be working to improve Crown’s online strategies, an area where I believe we could be doing better and a platform which will provide great potential for global growth in the future.”

Business news sources report that Crown Resorts will likely undertake its largest executive team shake-up, following a 41% drop in profits to $385 million. The casino operator has had to write down the value of its Macau properties due to a crackdown on gambling activity by Chinese government authorities.