Australian casino tycoon, quits company board amid speculation of taking company private

With Australian billionaire James Packer, son of the late media mogul Kerry Packer, quitting the board of Crown Resorts, speculation is rife that he plans to take the casino and resort company private or buy some of its assets.

Packer quit the board today after stepping down as chairman in August.

According to Bloomberg, Packer with a 53-per cent stake in Crown Resorts had talked with private equity investors and pension funds about bidding with him for the assets of the company. Crown Resorts with operations or projects in Sydney, Melbourne and Perth, Australia, and Las Vegas, also owned a third of Melco Crown, owner of casinos in Macau and operator of one in Manila.

"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," Sydney Morning Herald quoted Packer. "I remain incredibly passionate about Crown and its world-class integrated resort business. Crown is my biggest professional priority and represents the vast majority of my net wealth."

Melco Crown Entertainment Ltd opened a 39,000-square-metre casino in Macau in 2015. Crown shares were up nearly 5 per cent in a flat market today.

A statement from Packer said that his 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''.

Giving no further details of the Consolidated Press transaction he added that ''Gretel and I have never been closer''.

Australian media reported in October 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, after the death of his father in 2005. He went on to transform it into one of the world's biggest casino developers and operators.