James Packer, a billionaire Australian businessman who attempted to venture into the Sri Lankan market with the support of the previous government, has quit the board of his private family company as he focuses on his mental health. 

Packer, 50, resigned from the board of Consolidated Press Holdings (CPH) on June 27, documents filed to the corporate regulator ASIC said.    

A spokesperson told  international media that Packer has stood down while he 'continues his recovery'.  

It is the latest evidence of the casino billionaire stepping back from his business empire for his 'personal wellbeing'. 

At this time he intends to step back from all commitments.'

That month, he checked himself into a $35,000-a-week psychiatric hospital in the United States.  

Daily Mail Australia understands Mr Packer has also resigned from all boards related to Consolidated Press Holdings. 

On Twitter, shareholder activist Stephen Mayne claimed the move effectively means Packer is 'now off all business related boards'. (With inputs from Daily Mail)