Yahoo Finance James Packer stands down as Crown chairman
James Packer has stepped down from his role as chairman of Crown Resorts.
Packer will remain as a director while Robert Rankin will take over as chairman.
James Packer: Australia's richest boss
Packer said Crown remained his number one business priority.
"I am extremely proud of the company and look forward to continuing our efforts to build a global luxury brand," he said.
The news comes as Crown announced a slide in its annual profits.
Crown Resorts delivered a net profit after tax of $525.5 million, down 17.9 per cent from a year ago.
The Chief Executive Officer of Crown Resorts, Mr Rowen Craigie, said that overall the results for Crown were mixed.
Contributions from Melco Crown Entertainment (MCE), the Macau-based business in which Crown owns a 34.3 per cent stake, fell.
"The decline in MCE's result was attributable to weak market conditions in Macau," he said.
"Overall gross gaming revenue across the Macau market in the year to 30 June 2015 declined 26.8 per cent, however the rate of decline increased in the second half with gross gaming revenue declining 37.0 per cent in the six months to 30 June 2015," Craigie said.
Packer, who has been seen recently holidaying with pop star Mariah Carey, was ranked seventh on this year's BRW Rich List with an estimated $6.1 billion to his name.
