Casino News

Crowns Casinos confirm Vegas project is dead

2008-06-04 15:24:51

Australia's largest gaming operator Crown Casinos has confirmed that it is to no longer go ahead with a $5 billion casino development in Las Vegas.

Crown Las Vegas, or the Las Vegas Tower, had been scheduled to open its doors to the public in 2012, but for the last three months it has generally been considered dead in the water due to credit problems.

Rowen Carnegie, a spokesman for Crown, was quoted by Reuters saying this week: "The recent upheavals in world credit markets have made it increasingly difficult for Crown and its partners to develop a commercially viable project on what remains an attractive location on the Las Vegas strip."

York Capital Management and Christopher Milam were also involved in the project, which would have created one of Nevada's tallest buildings.

Crown, which is owned by billionaire developer James Packer, suffered a drop in the value of its shares after issuing a statement on the matter, but it has since recovered, Reuters reports.