Packer steps back from Crown Resorts

Australian mogul James Packer has resigned from the day-to-day running of Crown Resorts but said he will remain involved with the global casino and hotel operator in a senior executive role, Agence France-Presse reported.
The billionaire, who owns 53 percent of the Australian-based company, quit as director but will remain co-chairman of Macau-focused group Melco Crown Entertainment and Alon, the holding company for Crown?s move into Las Vegas.
He said his decision followed Rob Rankin?s appointment as Crown chairman after Packer quit that position in August, as the tycoon spends an increasing amount of time overseas.
?I intend to devote my energies to a number of key development projects in Sydney, Melbourne and Las Vegas as well as Crown?s online platforms,? he said in a statement.
Crown is one of Australia?s largest entertainment groups, owning and operating two of the country?s leading integrated resorts ? Crown Melbourne and Crown Perth. It also operates Crown Aspinall?s in London and casino and hotel properties in Macau.