Cannery Casino and Las Vegas NV hotel sold for $1.8 billion to Crown Ltd. Crown is a gaming company controlled by James Packer, an Australian billionaire.
The Las Vegas commercial real estate transaction will take approximately a year and a half for the Pennsylvania and Nevada regulators to approve the total acquisition of the Cannery Casino Resort.
As land in Las Vegas, NV increases, gaming assets become more valuable. With the strength of outside international investors, including Dubai World and Crown, will provide them with easy entry to the domestic gaming market in Las Vegas real estate.
The commercial real estate purchase includes the $250 million Eastside Cannery and the North Las Vegas Cannery. The Nevada Palace hotel will be replaced by the Eastside Cannery hotel and casino.
William Wortman and Bill Paulos are co owners of Millennium Gaming.
Cannery Casino Resorts is a Las Vegas gaming company owned partially by Millennium Gaming. The remaining 42 percent ownership is held by Oaktree Capital Management, an investment management corporation.
James Packer has been busy with his Las Vegas gaming investments this year.
During the first quarter of this year he spent $250 million on an almost 20 percent share in the Fontainebleau Las Vegas Resorts.
Fontainebleau Resort is a mixed use development currently under construction near the Sahara across the Strip from Sky condos.
One month later, Packer paid $22.5 million for a 37.5 percent share of Crown Las Vegas Resort on the old Wet N Wild water park.
Cannery Casino and Las Vegas NV hotel sold for $1.8 Billion to Crown.
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