Casino mogul James Packer has stepped down from his position as director of Crown Resorts Ltd., four months after resigning as chairman of the Australian casino giant.

In a statement on Monday, Packer did not give a reason for his resignation, which is “effective immediately.”

Packer’s recent move cuts the businessman’s influence over the company that makes up “the vast majority” of his wealth. ASX-listed Crown’s shares lost one-fifth of their value this year due to the ongoing revenue slump in Macau, which was brought by the Chinese government’s crackdown against corruption.

Crown has a one-third stake in Lawrence Ho’s Melco Crown Entertainment, which recently opened the 420,000-square foot Studio City in Macau.