James Packer steps down from family business

Written on the 9 July 2018 by David Simmons

James Packer steps down from family business

Gambling mogul and head of the Packer fortune, James Packer, has announced his withdrawal from the private family business to focus on his health.

Citing mental health issues, a spokesperson from Consolidated Press Holdings says Packer has departed from the board of his family business in order to "continue his recovery".

No further details were provided.

The billionaire recently left his position as director of Crown Reports in March, saying he was suffering from mental health issues at the time.

His departure in March was the second time Packer had resigned from the board of Crown. He stepped down as a director in 2015 to pursue development projects at Sydney's Barangaroo, Melbourne, Las Vegas and online platforms.

The billionaire re-joined the board in January 2017 following the arrest of 18 Crown employees in China in 2016 as part of a crackdown by Chinese authorities on gambling and the flow of money overseas.

Over the past year he has exited his overseas ventures to focus on Australian casinos, and he has been through a highly-publicised engagement to, followed by a break up with, American music star Mariah Carey.

He has also been involved in a corruption inquiry into Israeli Prime Minister Benjamin Netanyahu where he was cleared of criminal conduct while Crown is also under investigation by Victoria gaming authorities over the alleged manipulation of electronic gaming machines.

It is understood that his resignation from Crown in March was made suddenly and independently after realised he had been suffering from mental health problems for a period of time.

Packer was no stranger to controversy, despite being reluctant to speak to the press or speak publicly.

In addition to his well-publicised break up with Mariah Carey, Packer has made the headlines for brawling with Nine Entertainment chief executive David Gyngell in 2014 and his divorce from wife Erica Baxter, the mother of his three young children.

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Business News Australia

 
Author: David Simmons

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