What may come as a surprise to many readers, Crown Resorts Ltd (ASX: CWN) made a very short announcement this morning that James Packer has resigned from the Crown Board.
The market release was very short on details and said that Mr Packer had resigned today as a director for personal reasons.
Crown Resort's Executive Chairman, John Alexander, said "We have appreciated James' contribution to the Board and respect his decision to step down from his role as a director at this time."
There was no word in the official market release of what those personal reasons were, however a spokesman from Mr Packer's own business, CPH, reportedly said "James Packer today resigned from the board of Crown Resorts for personal reasons. Mr Packer is suffering from mental health issues. At this time he intends to step back from all commitments."
I thought it was interesting that both Mr Alexander and the CPH spokesman said that Mr Packer is stepping back 'at this time'. This suggests that when he is able to work through his mental health issues there is a decent chance he could resume his role. After all, this is not the first time he has quit the Crown board.
It remains to be seen whether this change will affect Crown's long-term strategy. The casino and resort company has been making significant pullbacks away from the global stage and focusing on its Australia strategy.
Foolish takeaway
I'm sure this doesn't change Crown's timetable for the Sydney Barangaroo project or the new hotel at the Melbourne complex, so any price weakness could be an opportunity. The Crown share price is down 0.3% in early trade.
