Packer to develop Las Vegas casino

Packer to develop Las Vegas casino
By admin


Gambling mogul James Packer is set to make another attempt at cracking the big casino market in the United States.

Mr Packer's Crown Resorts has established a joint-venture resort company with former Wynn Las Vegas president Andrew Pascal, with financial backing from Oaktree Capital Management.

The new resort company, which is majority-owned by Crown, has bought a controlling interest in a 34.6-acre vacant site on the world-famous Las Vegas Strip, for about $US280 million.

The new resort company intends to develop its first project on the site.

"You can't be in the gaming industry and not have a special reverence for Las Vegas. That's where it all began," Mr Packer, who is chairman of Crown Resorts and co-chairman of the new company, said in a statement on Monday.

"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."

The site on the Las Vegas Strip was formerly occupied by the New Frontier casino.

It was acquired via a foreclosure auction initiated by lenders to the former site owner.

Plans for the new development are still being finalised.

The new resort company hopes to start the development in late 2015 and complete the project in 2018.

Mr Pascal, who is the other co-chairman of the new resort company and its chief executive, said he was excited to have to be involved in crafting something new for the resurgent Las Vegas market.

Oaktree president Bruce Karsh said the Frontier site was the best piece of undeveloped land on the Las Vegas Strip.

Shares in Crown were three cents lower at $15.97 at 1022 AEST

Latest News

  • Cruise

Aranui Cruises slashes prices with No Single Supplement and Half Price offers

French Polynesian cargo cruise line Aranui Cruises is slashing thousands off its 2025 Austral and Marquesas Islands cruises with an autumn sale offering 50 per cent off the second guest in a twin share room and no single supplement for solo travellers. On sale until June 21, 2024, Aranui’s 12-day roundtrip voyage from Papeete to […]

  • Cruise

Tauck’s new river and small ship ocean cruises, plus increased Seine capacity

Tauck introduces two new itineraries – Istanbul to Athens and Rome, the Amalfi Coast and Sicily – as part of its 2025 plans for its river cruising and small ship ocean cruising. With a busy year ahead, Tauck will also be boosting its capacity on the River Seine. In small ship ocean cruising, Tauck will […]

  • Road & Rail

Railbookers and La Dolce Vita Orient Express partner up for new luxury Italian itineraries

Railbookers has unveiled a selection of Italian itineraries which feature the debut of the new La Dolce Vita Orient Express train, launching in 2025. Travellers will enjoy everything the new train has to offer, combined with curated hotel accommodation and sightseeing activities for the complete Italian luxury holiday. “We’re excited to bring our expertise and […]

  • Aviation

Auckland’s new domestic terminal comes with all the modern gadgets

Auckland Airport has revealed a first detailed look at the planned interior for the city’s future new domestic jet terminal and what it will deliver for coming generations of passengers. Expected to open by 2030 the terminal takes design cues from the Manukau Harbour and surrounding landscape include a range of modern airport services.  “Easy […]

  • Aviation

Air New Zealand crew sign up for Sign Language Week

Air New Zealand cabin crew used sign language to communicate with passengers, including signing the inflight announcements and onboard service offerings, in a world-first to mark the beginning of New Zealand Sign Language Week, from 6-12 May. Customers on NZ421 from Auckland to Wellington were also encouraged to give New Zealand Sign Language (NZSL) a […]

  • Cruise

Holland America Line gives one lucky winner the Ultimate Alaskan Cruise Experience

Holland America Line is offering a “Win The Ultimate Alaskan Cruise Experience” as its latest incentive to lure Aussie cruisers to the northern hemisphere hotspot. One lucky winner will embark on an unforgettable journey aboard the perfectly mid-sized Koningsdam, departing from Anchorage, Alaska on August 13, 2024, and arriving in Vancouver on August 24. The […]

  • Events

CATO commemorates 25 years with anniversary dinner

The Council of Australian Tour Operators (CATO) has announced its 25th Anniversary Dinner that will not only commemorate CATO’s historic milestones but will also provide an invaluable opportunity for members to network and reflect on numerous significant achievements. This prestigious event for members will be held at the Sydney Hilton Hotel on Thursday, 20 June, […]

  • Conferences

Fiji Tourism Exchange 2024 opens with a vibrant ceremony at Sofitel Fiji Resort, Denarau

The two-day Fiji Tourism Exchange 2024 opened with a vibrant ceremony at the Sofitel Fiji Resort and Spa in Denarau. A pinnacle event in the South Pacific tourism calendar, the event brings together industry stakeholders from across the globe to delve into Fiji’s tourism offerings and cultivate long-lasting business relationships. Acting Prime Minister and Minister […]

  • Destinations

Raes on Wategos celebrates 30th birthday and guests get the presents

World famous luxury boutique hotel Raes on Wategos, in Byron Bay, has launched its 30th birthday celebrations with a Raes Indulgent Escape package. Available for all stays of two nights or more, from June to August, the curated package offers an invitation to indulge in a shared celebration of Raes 30th birthday, whilst revelling in […]

  • Cruise

Seabourn’s two new value-add offers for 2024-25

Luxe cruise line Seabourn is offering two value-added promotions featuring must-have fares and a generous shipboard credit for guests seeking to book their next voyage. The exclusive “A Sail to Remember” Event includes must-have fares on most Seabourn ultra-luxury ocean and expedition voyages in October 2024 and beyond. The “More Moments on Us” Event offers […]

  • Cruise

PONANT commercial team expands to meet growing demand in APAC 

Luxury exploration cruise line Ponant has announced significant updates to their Asia Pacific commercial team in response to accelerated growth across the region. “These structural enhancements signify Ponant’s dedication to meeting the evolving needs of our valued trade partners in the Asia Pacific region,” general manager sales & marketing, Asia Pacific, Deb Corbett said. “We […]