Australian gambling tycoon James Packer
Australian gambling tycoon James Packer looks on during day two of the Commonwealth Business Forum in Colombo November 13, 2013. Sri Lanka's main opposition party on Monday demanded that police take action against Packer saying his plan to build a $400 million casino in Colombo has no proper licence. Mounting opposition by Buddhist religious leaders and some political parties has already led the Sri Lankan government to delay approval for Packer's Crown Ltd planned casino resort - the flagship project in a government plan to draw in Indian and Chinese gamblers. Reuters/Dinuka Liyanawatte

James Packer has stepped down as chairman of Crown Resorts although he will still be part of the company's board. The billionaire will be taking charge of a new executive director role overseeing Crown's AU$4-billion Las Vegas casino. The move comes following reports of the company's slumping profits.

Packer will serve as the co-chairman of the company's subsidiaries namely Alon Resort in Las Vegas and Melco Crown Entertainment, primarily in Macau. The former chairman claims even with his departure from Crown, the company will still be his top passion and business priority.

"I will continue to drive key projects, including our joint business in Asia and our planned resort in Las Vegas," Packer said in a statement. "I will also be working to improve Crown's online strategies, an area where I believe we could be doing better and a platform which will provide great potential for global growth in the future."

Robern Rankin will take Packer's post. As for the new chairman, Packer shared his thoughts, saying, "Rob Rankin has my complete trust and respect as an executive and he will do an outstanding job as chairman. Given our global growth and aspirations, this is the right time for the company to make this change. I look forward to working closely with him."

Rankin became the co-chairman of Crown back in November 2014. He was a banker previously at Deustche Bank, resigning in January to oversee Consolidated Press Holdings -- Packer's private investment vehicle. The new chairman shares his eagerness about the new post including his business plan accounting for AU$10 billion worth of new casino developments globally.

However, on top of management changes, there are also brewing concerns over Crown's profits. The company posted AU$385 million in profits which accounts for 41 percent decline. Earnings have taken a blow after struggling Macau investments including considerable write-down value of overseas investments. Nonetheless, Crown did post strong performance in Australia raking in AU$947 million in earnings, up by 4 percent. The company was also able to drive its revenues up to 14 percent or AU$3.2 billion.

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