James Packer Steps Down from Board of Crown Investor Consolidated Press Holdings
By Mike Cherney
SYDNEY--Australian billionaire James Packer has stepped down from the board of his investment company, further reducing his involvement in his business empire after struggling with mental-health issues.
A spokesperson for the investment company, Consolidated Press Holdings, confirmed that Mr. Packer had stepped down from the board "as he continues his recovery."
CPH is the largest shareholder in Australian casino company Crown Resorts, in which it holds a roughly 47% stake. Mr. Packer had also been serving on Crown's board, but he resigned in March.
The casino company attracted international attention in 2016 after some employees were detained by Chinese authorities, leading to concerns that lucrative Chinese high-rollers might curtail visits to overseas casinos.
Crown is currently building a pricey casino-resort complex on Sydney's waterfront.
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