Billionaire James Packer steps down as Crown Resorts chair

Billionaire James Packer has stepped down as chairman of Crown Resorts with the gambling tycoon taking on a new executive director role with oversight of the company’s $4 billion Las Vegas casino.

Robert Rankin will replace Mr Packer, who will retain his role as co-chairman of the company’s Melco Crown joint venture which owns and operates casinos in Macau and the Philippines.

“Crown has a pipeline of resorts globally and this is where the majority of my time will be spent, ” said Mr Packer. “Rob Rankin has my complete trust and respect as an executive and he will do an outstanding job as chairman. Given our global growth and aspirations, this is the right time for the company to make this change. I look forward to working closely with him.”

Mr Packer will be alongside some familiar faces when he jets into Las Vegas, with Mariah Carey the resident artist at Caesar’s Palace on the Strip.
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SMH, by Perry Williams

According to AFR The James Packer-chaired gambling operator is expected to post net profit of $542 million. Chief executive Rowen Craigie will be grilled on Crown’s $10 billion plus project pipeline, the slowdown in Macau and its share of VIP revenues from Chinese high-rollers.

Read more about: Business/Finance, China, Crown Limited, Crown Resorts, gambling, James Packer, Macau, Robert Rankin