Crown acquires Las Vegas site

    Crown Resorts has announced that a majority owned subsidiary has acquired a 34.6 acre plot of land on the Las Vegas Strip for a total of US$280 million. The site, formerly occupied by the New Frontier casino, was acquired via a foreclosure auction initiated by lenders to the former site owner. Crown is to team up with former Wynn Las Vegas president & COO, Andrew Pascal, and, with financial backing from Oaktree Capital Management, will form a new resort company whose first project will be developed on the newly acquired site. Andrew Pascal, co-chairman and CEO of the new company, commented, “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.” Crown’s chairman James Packer remarked, “You can’t be in the gaming industry and not have a special reverence for Las Vegas – that’s where it all began.” Initial plans are for the project to break ground in the latter part of 2015 with completion in 2018.