Australian Casino Tycoon Packer Leaves Company Board Fueling Buyout Speculation

23 Dec 2015 | Author: | No comments yet »

‘I got u mommy!’ Mariah Carey enjoys a snowball fight with four-year-old twins Monroe and Moroccan on vacation in Aspen.

The Australian billionaire James Packer has quit the board of Crown Resorts Ltd, four months after stepping down as chairman, as the casino group grapples with falling revenues in the Asian gambling hub of Macau.

As the 45-year-old continues to enjoy her vacation in Aspen, Colorado, she got stuck into a snowball fight with her four-year-old twins Monroe and Moroccan, documenting the fun on Instagram. In a statement on Monday, Packer, who owns 53% of the A$9bn company, did not give a reason for stepping down but said he planned to devote his energy to development projects in Sydney, Melbourne and Las Vegas. The day before the hitmaker was spotted out with beau James, who has already presented her with a $500,000 diamond necklace as a sign of his affection. To be heading over for New Year’s Eve with James and to be able to put on a performance at Crown, it is incredibly exciting.’ She also added her excitement of bringing alone her own relatives, noting: ‘Australia is such a wonderful country and being able to spend some time with James and my family in Melbourne, Sydney and Ellerston makes the trip so special.’ According to the newspaper, the pair have plans to hole up in Packer’s estate in Ellerston with his children from his marriage to Erica Packer – Indigo, seven, Jackson, five and Emmanuelle, three. ‘Can’t wait for you all to see my directorial debut,’ Mariah shared of the holiday film – also starring Mean Girls’ Lacey Chabert – which aired Saturday. The statement said Packer’s private investment vehicle, Consolidated Press Holdings Ltd, “recently concluded a major transaction in my family’s business and this also has assisted the timing of my decision”.

In October, the Australian media reported that Packer’s sister, Gretel Packer, would receive a portion of James’s wealth following a confidential settlement. James Packer took over the running of Crown, then a media conglomerate called Publishing and Broadcasting Ltd, following his father’s death in 2005, and transformed it into one of the world’s biggest casino developers and operators. In August, he surprised investors by quitting as Crown chairman on the same day the company reported a one-fifth decline in annual net profit because of lower Macau earnings.

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