James Packer has quit his role as casino company Crown’s chairman, but will remain on the board of the company.
Mr Packer is Crown’s majority shareholder, and the company said it intends to appoint him as a senior executive director.
The billionaire will also remain co-chairman of the company’s subsidiaries Melco Crown Entertainment in Asia (mainly Macau) and Alon Resort in Las Vegas.
Mr Packer said that, far from reducing his focus on Crown, the company remains his “number one business priority and passion”.
“I will continue to drive key projects, including our joint business in Asia and our planned resort in Las Vegas,” he said in a statement.