CASINO OWNER EYEING TO SELL LAS VEGAS LAND

 casino owner eyeing to sell las vegas land

James Packer’s Crown Resorts is eyeing to sell a piece of land on the Las Vegas Strip where it had once planned to build a new casino called Alon.

Packer’s company declared in December that it would be abandoning the mega project, in an effort to focus on its current business in Australia. The project falling through had to be rather disappointing for Packer, who once stated that “you cannot be in the gaming industry and not have a special reverence for Las Vegas."

It wasn’t the first occasion Packer’s Crown unsuccessfully made a play for the acclaimed Las Vegas. Packer lost roughly $2 billion on casino investments in the U.S. owing to the 2008 financial crisis.

The 35-acre sector of land sits directly across from Wynn Las Vegas and Encore. Crown is aiming for $400 million for the site, of which it owns approximately 18 acres.

The site was traded for $1.2 billion in 2007.

The property is the site of the New Frontier that was demolished earlier in 2007.

As per a report from the Las Vegas Review-Journal, Israeli investors purchased the New Frontier in 2007 with plans for a new casino venture called Plaza Las Vegas. That project unfortunately never came to fruition, and Crown was able to take over the site in 2014 for $280 million.