James Packer Steps Down as Chairman of Crown Resorts

James Packer has stepped down as the chairman of the Crown Resorts casino group but said that he will be staying on as a senior executive director.

Packer is due to be replaced by Robert Rankin who is a former co-head of corporate banking and securities at Deutsche Bank. The announcement came as Crown Resorts delivered its 2015 full year results which have been described as mixed. Gross gaming revenue from Macau fell by 26.8% but in Australia revenue was up by 14% with main floor gaming pulling in $1.59 billion revenue and non-gaming revenues of $664.7 million.

The company is currently developing a six-star hotel and high rollers casino in Sydney. Packer has said that he remains committed to building the world’s best six-star hotel and that he will still be actively involved on a day to day basis.