According to recent news reports, James Packer stepped down as the chairman of Crown Resorts Limited. Crown Resorts, which is based out of Australia, has several holdings in Macau.
The aforementioned news reports indicate that part of the reason why Packer was moving away from his chairman role with Crown is that he was unable to revitalize his company’s sluggish revenue numbers in China.
Packer says that Crown Resorts Limited will always be his “number one business priority and passion.” The self-made billionaire will remain on Crown’s advisory board, and will step into a new role as a senior executive for the casino corporation in the coming weeks.
James Packer will also maintain his role as the co-chairman of Melco Crown Entertainment in Macau.
James Packer Explains His New Role at Crown Resorts
Besides helping to develop key business initiatives for Crown Resorts, James Packer says that he will help build a more robust digital platform for Crown’s various holdings in his new senior executive role. Packer believes that a bigger online profile will help attract international gamblers to Crown’s casinos in Macau and Australia.
James Packer also hopes that transitioning into a more relaxed position with Crown will allow him to spend more time with his family and friends.
Gambling Experts Speculate on Packer’s Departure
Gambling experts suggest that one of the reasons why James Packer quit his chairman role with Crown is that the company’s overseas investments are not meeting revenue projections. In particular, Crown’s Melco Casino reported a drop in profits of over 58% from 2014 to 2015. The Melco is Crown’s most prominent casino in Macau.