CASINO

James Packer leaves Consolidated Press board for sanity’s sake

TAGs: Australia, crown resorts, James Packer

Australian billionaire James Packer has taken the necessary steps to relieve himself from day-to-day stress as he continues to recover from his mental illness.

The Sydney Morning Herald reported that Packer has stepped down from the board of his private investment company, Consolidated Press Holdings (CPH), in June as part of his plan to reduce his work commitments.

James Packer leaves Consolidated Press board for sanity’s sakeHis departure from CPH came four months after the Aussie billionaire resigned from his position as director of Crown Resorts. CPH, which has been the Packer family’s primary bread and butter for more than 60 years, owns 46 percent of Crown.

In an e-mailed statement to SMH, a CPH spokesman confirmed Packer’s resignation from the board as he “continues to recover from illness” that was apparently triggered by his failed overseas expansion, his much publicized breakup with singer Mariah Carey, and connections to a corruption scandal involving Israel Prime Minister Benjamin Netanyahu.

According to reports, CPH’s massive debt has also taken a toll on Packer’s mental health. Packer admitted that the CPH debt burden was one of the most stressful events he had to deal with in the recent years.

The casino mogul had earlier checked into a psychiatric facility in Boston to seek medical attention, according to the report. In the last week of June, Packer was seen with his girlfriend, Canadian model Kylie Lim, enjoying the scenery of the French resort town of St. Tropez. Packer was also seen watching game one of the NBA finals between the Golden State Warriors and the Cleveland Cavaliers in Oakland, California in May.

Despite his absence frp, the company, Packer will be very much updated on what’s happening in CPH through his close friends and business confidantes, CPH CEO Guy Jalland and Crown executive chairman John Alexander. Alexander was installed as Crown’s executive chairman in January 2017, while Jalland took the role as CPH chief executive around the same time.

Packer’s troubles started in 2016 with his high profile breakup with Carey. Aside from nursing a broken heart, Packer also had to deal with the arrest of Crown employees in China who were charged with illegal gambling promotions in the Asian country.

The Aussie businessman thought that things would become okay when he decided to wrap up his overseas ventures—which he called a failure—and focus on his Australian business. Back home, he had to deal with the pokies tampering scandal and real estate property doldrums.

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