Published On: Tue, May 23rd, 2017

Packer drops Las Vegas casino plan

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James Packer has decided to focus on Australia

James Packer has decided to focus on Australia

It was an unexpected move from the Australian casino mogul James Packer who dashed his Las Vegas casino dream out in the open which carried a multi million price tag. As per reports The Australian that Packer’s Crown Resorts Ltd, has announced that they have abandoned their plan to construct a casino at the world’s most famous gambling strip. Thus the company has now putting their Las Vegas land for sale in the market valued at $400 million.

Crown Resorts Ltd. which currently owns 18.4 acres (7.4 hectares) of the planned casino site and also leasing the 16.2 acres from their previous owners. Now since they have cancelled their plan of proposed Alon casino and hotel project the company has hired brokerage CBRE Group to sell the land. This is one of the most prominent lands at the Las Vegas strip which is just opposite the famous Wynn Las Vegas and Encore at Wynn Las Vegas resorts, and north of the Fashion Show mall.

CBRE executive vice president, John Knott describe this land as “one of the most exciting properties to become available in Las Vegas in a long time.”

This is the second property that Crown has sold this year thus continuing its exit from the International assets. As early this year Crown Resorts Ltd also disposed its stake in Asian casino developer Melco Resorts and Entertainment Ltd and now Alon land is up for sale. As per Crown the entire proceeds from the sale of this international asset worth $987 million will be used to pay off the casino operator’s debt.

As per a Crown spokesperson “Crown will now be more focused on driving greater returns in Australia and ensuring the company is well prepared to deliver Crown Sydney in 2021.”

James Packer after getting all the necessary approvals returned as the director of Crown Resorts and he currently owns 48 percent stake in Crown. Packer has earlier stepped down as a Crown director in December 2015 after resigning as chairman in August 2015. Now with Crown shifting its focus to its domestic assets Packer has appointed John Alexander to chair its Crown empire.

Currently Aspinall Casino in London is one of Crown’s remaining international interests and it is not yet clear whether Crown will join the bidding war for a licence in Japan.

 

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