Crown Resorts settles litigation over U.S. casino

    Crown Resorts said it has settled a lawsuit in the Nevada District Court with a group of lenders to the failed Fontainebleau Las Vegas casino project.
    As a result of the settlement the litigation against the company and its Chairman James Packer will be dropped. Crown gave no details of the agreement in a filing to the Australian Stock Exchange, but said it will have no material impact on the company.
    A group of lenders alleged that Crown and its partners in the 63-storey resort hid cost overruns of at least $400 million to ensure continued financing. The project filed for bankruptcy in 2009.
    Crown had a stake of about $250 million in the project.