James Packer returns as Crown chairman steps down

rt Rankin has stepped down from his role as chairman of Crown Resorts following a restructuring of the company’s senior governance. Furthermore, James Packer will be returning as director after leaving the company in December 2015.

Rankin, who is to remain at the company as a director, and has stated that he had “relished the opportunity to guide [Crown] during a rapidly changing period”.

John Alexander, the current deputy chairman, will replace Rankin from 1 February. Alexander expressed his plans to remain focused on the company’s online gambling businesses and Packer’s high rollers casino and six-star hotel in Barangaroo.

“The next stage of development of Crown Resorts will be rightfully more focused on its outstanding Australian assets and, led by John Alexander, Crown Resorts has a very strong team in place to do that,” said Rankin.

“Crown Resorts is one of Australia’s leading entertainment companies and we will work hard to ensure it continues to deliver world-class facilities and services to all its customers and guests,” Alexander said. “I thank the Crown Resorts board for its support and look forward to representing all shareholders to ensure the business continues to grow and create value.”

Following the controversial arrest of eighteen staff members of Crown Casino in China the company has halved its investment in the Macau-based Melco Crown in order to redirect its efforts to Australian operations that are already in place. Crown also decided not to proceed with a $2bn casino development project in Las Vegas.