The Urban Developer
AdvertiseEventsWebinars
Urbanity
Awards
Sign In
Membership
Latest
Menu
Location
Sector
Category
Content
Type
Newsletters
Untitled design (8)
2 WEEKS UNTIL OUR UNMISSABLE FLAGSHIP CONFERENCE MORE THAN 550 ALREADY ATTENDING
2 WEEKS UNTIL OUR FLAGSHIP CONFERENCE 550+ ALREADY ATTENDING
REGISTER NOWDETAILS
TheUrbanDeveloper
Follow
About
About Us
Membership
Awards
Events
Webinars
Listings
Resources
Terms & Conditions
Commenting Policy
Privacy Policy
Republishing Guidelines
Editorial Charter
Complaints Handling Policy
Contact
General Enquiries
Advertise
Contribution Enquiry
Project Submission
Membership Enquiry
Newsletter
Stay up to date and with the latest news, projects, deals and features.
Subscribe
OtherStaff WriterMon 04 Aug 14

Packer Takes On Las Vegas Casino

TUD+ MEMBER CONTENT
P
SHARE
print
Print

Australian billionaire and casino mogul James Packer is expanding his network with a Las Vegas casino on the cards, taking his casino development pipeline worth to more than $6 billion.

ASX-listed company

Crown Resort Limited announced it has acquired a 34.6 acre vacant site on Las Vegas Boulevard for US$280 million.

The site, which is on the famous Las Vegas Strip, was formerly occupied by the New Frontier casino and was acquired through a foreclosure auction initiated by lenders to the former owner of the site.

The acquisition is in union with former president and COO of Wynn Las Vegas Andrew Pascal, with financial support from hedge fund giant, 

Oaktree Capital Management.

The trio has created a new majority owned subsidiary that will develop the casino, which is opposite Wynn Las Vegas.

Mr Pascal, who is the co-chairman and CEO of the new company, said he had studied the “ever-shifting” Las Vegas landscape for over 25 years.

“I’ve always been inspired by this city’s capacity for reinvention. I’m excited to have my hand in crafting something new and fresh for the resurgent Las Vegas market,” he said.
Related Article: Packer’s Crown And Chinese Group Come Together For Queen’s Wharf Bid
Mr Packer, who is also a co-chairman of the new company, said you couldn’t be in the gaming industry and not have a special reverence for Las Vegas.


“As we have built Crown Resorts into a thriving international company with successful casino ventures in Australia, Macau, and London, we’ve always kept our eye on Las Vegas. And while we fell short in past attempts to enter that market, we now have the ideal opportunity ‐ with a great local partner in Andrew, a leading financial investor in Oaktree, and the perfect piece of property."


President of Oaktree Bruce Karsh said they acquired an interest in the site because they believed it was the best piece of undeveloped land on the Las Vegas strip.

“When Andrew approached us and shared his vision for the site and his partnership with Crown, we were eager to reinvest a portion of the proceeds from our debt investment and become an equity partner in their exciting new venture,” Mr Karsh said.

Crown Resorts owns and operates Crown Melbourne and Crown Perth in Australia.

In the United Kingdom, Crown wholly‐owns and operates Crown Aspinall's, a high‐end casino in Mayfair, London.

In addition to Crown’s wholly owned assets, Crown holds a 33.6 per cent equity interest in Melco Crown Entertainment Limited, an operator of integrated resorts in Macau.

It also has a portfolio of other gaming investments which are complementary to its other businesses.

Plans for the new development are still being finalised, however the company expects to break ground in the latter part of 2015 and complete the project in 2018.

HotelInternationalReal EstateSector
AUTHOR
Staff Writer
"TheUrbanDeveloper.com is committed to delivering the latest news, reviews, opinions and insights into the best of urban development from Australia and around the world. "
More articles by this author
ADVERTISEMENT
TOP STORIES
The Port of Brisbane has released its Vision 2060 which details the need for inland rail connectivity
Infrastructure

Brisbane Port’s $15bn Future Faces One Big Obstacle

Renee McKeown
5 Min
Freecity Rouse Hill triple towers 2 Tempus Street
Exclusive

Freecity Takes Covers Off $330m Triple Towers in Sydney’s North-West

Leon Della Bosca
5 Min
Parallel Workshops Stockdale Housing PBSA project
Exclusive

Suburban Success Story Turns PBSA Thinking on its Head

Leon Della Bosca
7 Min
Exclusive

Interstate Developers Find Lots to Love in ‘Progressive, Affordable’ SA

Taryn Paris
5 Min
Bates Smart Richmond Sportslink HERO
Exclusive

BtR Focus Drives Bates Smart’s Richmond Sportslink Concept

Leon Della Bosca
6 Min
View All >
Logan Wastewater Funding hero
Infrastructure

Flush of Funding to Deliver 20,000 New SEQ Homes

Phil Bartsch
Residential

Home Affordability Gap Widens Across Asia-Pacific

Lindsay Saunders
Stockland's Triniti HERO
Build-to-Rent

Stockland $400m North Ryde BtR Approved on Appeal

Leon Della Bosca
The 510-apartment Triniti Lighthouse development has received conditional planning approval despite community objections…
LATEST
Logan Wastewater Funding hero
Infrastructure

Flush of Funding to Deliver 20,000 New SEQ Homes

Phil Bartsch
3 Min
Residential

Home Affordability Gap Widens Across Asia-Pacific

Lindsay Saunders
3 Min
Stockland's Triniti HERO
Build-to-Rent

Stockland $400m North Ryde BtR Approved on Appeal

Leon Della Bosca
3 Min
Industrial

Inland Rail: Site at Rural Hub Comes to Market in Victoria

Lindsay Saunders
2 Min
View All >
ADVERTISEMENT
Article originally posted at: https://theurbandeveloper.com/articles/packer-takes-on-las-vegas-casino