James Packer, once the king behind Crown Resorts in Australia, has fallen down a few notches over the years. Apart from having to step away from the casino operator for health issues, he has had to watch as the company is continually raked over the coals for what could only be described as sub-par compliance to regulations. Now, Packer seems to be scaling back the fortune that Crown built and is looking to find a buyer for his massive yacht.
James Packer Lists Luxury Superyacht
According to multiple news outlets, Packer has listed his luxury superyacht, looking for around $205 million. The ship, named IJE, reportedly after his three children’s names, is being offered by Burgess Yachts and, at 354 feet, is the longest vessel ever constructed by Italian-based yacht builder Benetti. It offers 11 cabins with sleeping space for 22 guests, three complete levels, a private owner’s deck, a cinema, a nightclub, a gym and more.
It isn’t likely that the sale is a direct response to the ongoing troubles Crown is experiencing. Packer is still reportedly worth several billion dollars, and may just want to reduce his footprint. Steve Wynn, the founder and former CEO of Wynn Resorts, went through a similar reduction after he cut ties with Wynn.
Crown Loses Another Board Member
Packer’s yacht sale may not be a reflection of the issues at Crown, but a change in the company’s Board of Directors likely is. Crown announced today that Toni Korsanos will retire from her position as director of the Board following the upcoming AGM on October 21, 2021, leaving Jane Halton as the only director to survive the cull at the troubled casino company.
The departure of Korsanos leaves Crownwith only one of the 11 directors sitting on the Board from this time last year, when the land-based casino operator landed in cold regulatory waters. The near complete overhaul also saw Board Chair Helen Coonan leave her position last month.
Commenting on her decision to step down from her position, Korsanos outlined the privilege that was given to her to work with the members of the Board, the senior management and the broader team at Crown, pointing to the significant progress the company made in “implementing our transformation and remediation agenda.”
Crown Board Almost Completely New
Last month, Crown Resort appointed Ziggy Switkowski as chair of the Board to immediately fill the position made vacant by leaving Coonan, subject to regulatory approval. Until that approval is received, Jane Halton will serve as interim chair.
Korsanos explained the need to focus on her other extensive commitments as the reason behind the decision to depart. She stepped up as Executive Vice Chair at Scientific Games in 2020 after serving the company as a senior adviser previously. Korsanos is also a co-founder of an Australian private assets growth fund, JAADE Private Assets Fund, in partnership with Ellerston Capital.