{"id":33497,"date":"2015-12-23T13:52:29","date_gmt":"2015-12-23T21:52:29","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=33497"},"modified":"2015-12-23T13:52:54","modified_gmt":"2015-12-23T21:52:54","slug":"packer-resignation-from-crown-board-invites-takeover-speculation","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/packer-resignation-from-crown-board-invites-takeover-speculation\/","title":{"rendered":"Packer Resignation from Crown Board Invites Takeover Speculation"},"content":{"rendered":"
\"James
James Packer, who resigned from the board of Crown Resorts this week fueling speculation among financial analysts. (Image: jewishbusinessnews.com)<\/figcaption><\/figure>\n

Australian billionaire James Packer<\/a> has stepped down as director of Crown Resorts, fueling speculation that he\u2019s about to take the company private.<\/p>\n

The news, which came just four months after he surprised many by resigning as company chairman in order to \u201cspend more time with his children,\u201d saw shares in Crown Resorts jump by 5.7 percent.<\/p>\n

Packer owns 53 per cent of Crown, which is valued at around AUD$9 billion (US$6.5 billion), through is family business CPH (Consolidated Press Holdings).<\/p>\n

Analysts believe that the casino mogul may limbering up for a takeover of Crown by CPH and his resignation from the board would remove any conflict of interest in this event.<\/p>\n

Crown \u201cBiggest Priority\u201d<\/b><\/h2>\n

“I have taken this decision over several months following the smooth transition by Rob Rankin into the company chairman’s role and the stable and cohesive functioning of the board and the senior management team during the\u00a0period that I have transitioned overseas,\u201d said Packer in an official statement this week.<\/p>\n

\n

“Now is the right time for me to focus my endeavors\u00a0on my new role with Crown, as I outlined to shareholders when I stepped aside as chairman in August. I intend to devote my energies to a number of key development projects in Sydney, Melbourne and Las Vegas, as well as Crown’s online platforms.\u201d<\/strong><\/p>\n<\/blockquote>\n

“Of course, I remain incredibly passionate about Crown and its world-class integrated resort business. Crown is my biggest professional priority and represents the vast majority of my net wealth.”<\/p>\n

Dwindling Profits<\/b><\/h2>\n

Packer took over the family business from his father, the media mogul Kerry Packer, who died almost exactly a decade ago.<\/p>\n

Packer junior moved the core focus of the business away from media, building Crown into one of the world\u2019s largest gaming and entertainment groups.<\/p>\n

He will remain as co-chairman of Melco Crown Entertainment<\/a> and of Alon in Las Vegas.<\/p>\n

Through Melco Crown, Packer has interests in Macau and the Philippines, including the newly opened $4.5 billion integrated casino resort on the Cotai Strip, Studio City.<\/p>\n

Alon, meanwhile, represents Packer\u2019s first foray into Las Vegas, if you exclude his doomed 2008 investment in Fontainebleau Resorts.<\/p>\n

The Alon project is being built on the pocket of land on which the New Frontier Hotel and Casino once stood and is scheduled to open in 2018.<\/p>\n

In August dwindling revenues in Macau meant that Crown reported financial results well below forecasts, with normalized net profits falling by 17 percent to $525 million for the period. Despite this, Packer said he remained upbeat about Macau\u2019s prospects.<\/p>\n","protected":false},"excerpt":{"rendered":"

Australian billionaire James Packer has stepped down as director of Crown Resorts, fueling speculation that he\u2019s about to take the company private. The news, which came just four months after he surprised many by resigning as company chairman in order to \u201cspend more time with his children,\u201d saw shares in Crown Resorts jump by 5.7 […]<\/p>\n","protected":false},"author":42,"featured_media":33498,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[10,13],"tags":[],"acf":[],"yoast_head":"\nJames Packer Resignation from Crown Board Invites Takeover Speculation<\/title>\n<meta name=\"description\" content=\"James Packer resigns as Crown Resorts director, is he about to take the company private?\" \/>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"James Packer Resignation from Crown Board Invites Takeover Speculation\" \/>\n<meta property=\"og:description\" content=\"James Packer resigns as Crown Resorts director, is he about to take the company private?\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/packer-resignation-from-crown-board-invites-takeover-speculation\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2015-12-23T21:52:29+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2015-12-23T21:52:54+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2015\/12\/james-packer.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"460\" \/>\n\t<meta property=\"og:image:height\" content=\"288\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Casino.org Staff Writer\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Casino.org Staff Writer\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/packer-resignation-from-crown-board-invites-takeover-speculation\/\",\"url\":\"https:\/\/www.casino.org\/news\/packer-resignation-from-crown-board-invites-takeover-speculation\/\",\"name\":\"James Packer Resignation from Crown Board Invites Takeover Speculation\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/packer-resignation-from-crown-board-invites-takeover-speculation\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/packer-resignation-from-crown-board-invites-takeover-speculation\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2015\/12\/james-packer.jpg\",\"datePublished\":\"2015-12-23T21:52:29+00:00\",\"dateModified\":\"2015-12-23T21:52:54+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/8c48bf89dc86da77b4d856c7b3b78d77\"},\"description\":\"James Packer resigns as Crown Resorts director, is he about to take the company private?\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/packer-resignation-from-crown-board-invites-takeover-speculation\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/packer-resignation-from-crown-board-invites-takeover-speculation\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/packer-resignation-from-crown-board-invites-takeover-speculation\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2015\/12\/james-packer.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2015\/12\/james-packer.jpg\",\"width\":460,\"height\":288,\"caption\":\"James Packer, who resigned from the board of Crown Resorts this week fueling speculation among financial analysts. 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