Australian billionaire James Packer has stepped down as chairman of Crown Resorts with the gambling tycoon taking on a new executive director role with oversight of the company's $4 billion Las Vegas casino.
According to Sydney Morning Herald, Robert Rankin will replace Mr. Packer, who will retain his role as co-chairman of the company's Melco Crown joint venture which owns and operates casinos in Macau and the Philippines.
"Crown has a pipeline of resorts globally and this is where the majority of my time will be spent," said Mr. Packer.
"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," he said.
Mr. Packer will be alongside some familiar faces when he jets into Las Vegas, with Mariah Carey the resident artist at Caesar's Palace on the Strip.
He was appointed co-chairman of Crown in November 2014. The former Deutsche banker also runs Packer's private investment vehicle Consolidated Press Holdings.
Mr. Rankin said he was looking forward to ensuring Crown delivers on its business plan, which includes up to $10 billion of new casino developments around the world.
"James may be leaving the chairman's role, but he will have day-to-day engagement and will be actively involved at board level to ensure we meet our targets and ambitious development goals," said Mr. Rankin.
Crown, half owned by Mr Packer, missed a full-year profit forecast on Thursday with normalised net profit falling by 17 per cent to $525 million. A consensus of analysts had forecast normalised net profit of $531 million.