Casino News

$5bn casino plot 'on sale'

2008-03-31 16:17:23

A site in Las Vegas, which had been bought in order to develop the city's tallest casino, has been put up for sale, it has been revealed.

Due to problems with equity, the consortium of Crown Casinos, Christopher Milam and York Capital Management has decided not to go ahead with its $5 billion plans, which would have included a 5,000-room hotel and a tower well in excess of 1,000 feet tall, the Wall Street Journal reports.

Crown Casinos is the largest gaming company in Australia and also has a strong presence in Macau, the world's richest gambling destination.

Its owner James Packer was rumored to have been in Atlantic City last month inspecting Donald Trump's casinos, although this has yet to be confirmed.

Crown Las Vegas was going to have been the firm's first resort in the Nevada city, which is home to a number of Crown's biggest Macau competitors Las Vegas Sands and MGM Mirage.