James Packer resigns over mental health issues

Billionaire James Packer has stepped down from the board of Crown Resorts citing mental health problems.

“Mr Packer is suffering from mental health issues. At this time he intends to step back from all commitments,” according to a statement from his private company Consolidated Press Holdings.

Crown Resorts thanked Packer for his contribution to the company in a brief statement to the Australian Stock Exchange.

“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’s Executive Chairman, John Alexander, said.

Packer had only returned to the board last year after previously stepping down to focus on international interests.

Last year, Crown Resorts unwound a decade-long joint venture with Macau’s Melco Resorts & Entertainment and sold off a planned development in Las Vegas to focus on its interests at home.

The group also had to contest with the arrest and detention of its employees in China on charges related to the promotion of gambling.