Australian billionaire, James Packer has decided to step down from his role as director of Crown Resorts. Packer’s decision to resign was fuelled by the need to undergo treatment for mental illness.
However, this isn’t the first time that packer has resigned; in fact, he had just re-joined the board last year after resigning in 2015. Subsequent to his recent resignation, Packer checked himself into a leading mental health centre in the US. The exclusive centre is situated in Belmont, Massachusetts and is estimated to cost him a whopping $35 000!
Since stepping down, the casino mogul has received much praise from the public. His resignation has prompted discussions on the mental illness of top executives.
Packer Plagued by Crown’s Scandals and Personal Problems
As one of the largest entertainment groups in Australia, Crown Resorts has been at the centre of many casino game scandals. In fact, it’s been a turbulent few years for the gambling empire; from staff arrested and sentence in Macau to one pokie scandal after the next. Currently, Melbourne’s Crown Casino and Resorts is still embroiled in a slots scandal.
Meanwhile, Packer’s personal life has also taken a knock. His relationship with Mariah Carey and the subsequent breakup landed him on the cover of many celebrity tabloids. In addition, he was ridiculed for ‘packing on the pounds’.
Packer has a history of depression and admitted that he was becoming reclusive and thereby losing friends. His first battle with depression occurred when his telecoms company, One-Tel, collapsed. The collapse was followed by a split from his first wife. It seems as though history is repeating itself on this casino magnate.
Statements on Packer’s Resignation
The statement from Consortium Press Holdings, Packer’s private investment company, read that he “was suffering from mental issues and intends to step back from all commitments.”
While Consortium Press Holdings released a statement regarding the reason behind Packer’s resignation, Crown Resorts CEO, John Alexander, failed to explain. Rather, Alexander concluded by saying that they appreciate Packer’s contribution to the board and respects his decision to step down.