Packer's Casino Plan Shelved Because of Credit Crunch
On June 5th, 2008, Mr. James Packer's ambitious plan of building the world's tallest has failed to generate the necessary funding. Crown Limited, in which James Packer owns around thirty-eight percent, announced that the plans to construct a casino worth $5.2 billion with American gaming organizations had been shelved by the ongoing weakening of the global economy. The decision to stop the project after the plan to make an empty lot of land into a casino and hotel facility was put in peril almost 3 months ago.
The group decided to stop their plans as their option to bought the prime land on the strip expire at the end of this month. Crown, which had planned to name the casino Crown Las Vegas, has been forced to set aside the forty-four million it contributed to the whole project for the deposit to bought the site from vendor Archon Corporation. Crown had a 37.5% in the joint collaboration with Texan developer Chris Milan and American private equity group York Capital Management. The eleven hectare lot was in a good position on the Las Vegas at the northern area.
But with the weak U.S. economy, the group is having hard time securing credits and getting the needed finances for the project. While gaming has been unaffected by problems with discretionary spending, it is no longer unaffected as it gets a third of its profits from hotel, restaurant and entertainment areas within the casino facility.
The location that was supposed to be for the Crown Las Vegas casino was a former water amusement park named Wet'n'Wild-one of the last non-gaming entertainment facilities in Las Vegas. Before Crown's investment, the project had received the go signal for a 142 storey tower known on the strip as the Las Vegas Tower. But the Federal Aviation Administration vetoed this idea because it might cause some problems with the local airport.
06/22/2008 03:16 PM
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