Published: Wed, March 21, 2018
Money | By Armando Alvarado

Billionaire quits over mental health

Billionaire quits over mental health

Mr Packer's private company, Consolidated Press Holdings, which is Crown's largest shareholder, said in a statement on Wednesday that Mr Packer had resigned from the Crown board for personal reasons.

Packer, Crown's biggest shareholder, officially rejoined the company's board of directors in August a year ago after standing down in December 2015.

"We have appreciated James' contribution to the board and respect his decision to step down from his role as a director at this time", Crown Resorts executive chairman John Alexander said.

"Mr Packer is suffering from mental health issues", a spokesperson said. Back in the early 2000s, he revealed he chose to step out of public attention as he was dealing with a breakdown after the One-Tel collapse.

Recently, Mr. Packer has been shedding assets.

In a 2013 interview he detailed how Cruise help him through a tough period when he was "depressed and emotionally exhausted" over the collapse of his first marriage to bikini model Jodhi Meares. "I get more publicity than anyone and have for 20 years".

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In the course of an investigation targeting Israeli prime minister Benjamin Netanyahu, police are examining expensive gifts such as champagne and jewelry allegedly given to the Netanyahu family by Packer and Hollywood film mogul Arnon Milchan, in what is known as "Case 1000".

For the second time in two and a half years James Packer has resigned as a director of Crown Resorts for what the casino operator says are "personal reasons".

Packer has been married twice, and has three children.

The effects of the Australian billionaire's resignation on the company's performance are yet to be revealed, but Crown Resort's shares already suffered a decline, reaching their lowest price in about a month after the announcement of his departure was made.

Packer doesn't need to be a member of the Crown board to be involved in any of its big decisions.

Crown has since been focusing on its casinos in Melbourne and Perth, and developing a A$2.4 billion (S$2.43 billion) gaming resort in Sydney.

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