Crown Resorts Gets Their Main Man Back After a Year Absence as James Packer Returns
James Packer returns to Crown Resorts after being absent for about a year. The Australian business magnate left the board for a while after pursuing his projected plans to expand in the US. Packer is one of the biggest shareholders of the company owning an astounding 48% stake.
On Tuesday of this week it was announced that Chairman of Crown Resorts and CEO of CPH, Robert Rankin has resigned from his roles. Rankin’s role or position within the company will be succeeded by John Alexander. Alexander is currently the Executive Deputy Chairman, but he will assume his new role starting the first of next month.
Packer resigned as Chairman back in August 2015. He resigned from the company’s board just shortly after. The initiative for Packer to leave was to take the casino to a private operator, but that seems to be put on hold, at least for now since he returned in full swing.
It was also reported that the company announced it would cut their stake in Melco Crown Entertainment by half. This comes after a joint-venture with Lawrence Ho, Hong Kong businessman. The projected plans to build a multi-billion resort in Las Vegas was also taken off the table last month. Crown Resorts decided to put all global expansions on hold.