James Packer is stepping down as chairman of Australian casino operator Crown Resorts after the company delivered a “mixed” fiscal year report.

In a statement issued on Thursday (local time), Crown’s board indicated that Robert Rankin, CEO of Packer family biz Consolidated Press Holdings, would assume the chairman’s seat.

Packer will retain a seat on Crown’s board and will eventually be named senior Executive Director. Packer will also continue as co-chairman of the Melco Crown Entertainment joint venture and the Alon Resort project in Las Vegas.

Packer said Crown remained his “number one business priority and passion” and, when he’s not squiring new squeeze Mariah Carey around town, he intends to spend the majority of his time “completely focused” on Crown’s “pipeline of resorts globally.” Of these, “no project is more important to me” than the in-development six-star VIP-focused Crown Sydney.