James Packer has resigned his post as chairman of Crown Resorts in the wake of a 41 percent fall in fiscal-year net profits, to 5 million. The company has been hard-hit by the historic decline in Macau’s once-invincible gaming industry, along with a big write-down in the value of its overseas investments, according to ABC Online.
Packer is Crown’s majority shareholder. He will stay on as a member of the board and senior executive director. He says he is as committed as ever to the company’s success, and called it his “No. 1 business priority and passion.”
Packer will retain his role as co-chairman of the company’s subsidiaries Melco Crown Entertainment in Asia and Alon Resort in Las Vegas. His successor in the chairman role at Crown Resorts will be Robert Rankin.