Crown spends $414 million into Stations Casinos and Harrahs Las Vegas. Crown Ltd. Is an Australian gaming company looking for partnerships in the local gaming industry.
James Packer, an Australian billionaire, controls Crown has paid $172 million for a 2.5 percent in Harrahs and $242 million for a 4.9 percent in Station Casinos Las Vegas for investment purposes.
Because of the mortgage crisis the commercial real estate developer is rethinking plans for a $5 billion 1,064 foot, Crown Las Vegas NV hotel tower, located on the former Wet N Wild site. They are seeking options for that development.
In recent Las Vegas casino news the deals have been made with Station Casinos and Harrahs in the last few months without knowledge of most shareholders.
Last December, Crown finished a real estate deal worth $1.8 billion for the local Cannery Casino Resorts.
The 27 acre site adjacent to Sahara casino is the proposed Crown Las Vegas resort. Crown owns a 37.5 percent in the holding company.
Partners, York Capital Management, Christopher Milam real estate developer and Crown are carefully considering their development plans. Their option for the $475 million purchase expires at the end of June.
Crown is currently in construction at the neighboring $2.9 billion Fontainebleau Las Vegas strip hotel with an expected opening in 2010. Maybe they’ll only continue on the Fontainebleau. Source: Review Journal
Crown spends $414 million into Stations Casinos and Harrahs Las Vegas.