Crown Las Vegas may not get built
Friday, March 28th, 2008Just when his Crown Macau casino is coming good, James Packer’s US game plan has been dealt a dead hand. The Crown chairman had planned to build one of the world’s tallest buildings on an old waterworks site on Las Vegas’s famed ”Strip”.
But the site earmarked for the $US5 billion Las Vegas Towers resort project is now up for sale. For a $7.5 billion company, the looming loss of an option for another casino development is small beer, in fact - apart from the discomfort of a dud deal - it may be a blessing in disguise. Packer spent and borrowed big at the top of the market last year, and like many others on a debt-fuelled buying streak, now appears to be reconsidering his pace of expansion.
On the Las Vegas deal, James Packer and his US partner (more…)
