Las Vegas Casino Deal Canceled Today Due To Buyer's Failure To Close

Cannery CasinoLas Vegas Casino deal canceled today due to buyer’s failure to close.  Australia’s Crown Ltd. couldn’t close a $1.75 billion deal to purchase Cannery Casino Resorts.

Due to the deal cancellation, Crown paid $50 million termination fee to Cannery Resorts.  Although, Crown wants to continue the purchase of the casinos it will have to go through a several year process with many milestones.  Crown operates casinos in Macau and Australia.

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Eastside Cannery Las Vegas Hotel Opens Thursday For Labor Day Weekend

Eastside Cannery CasinoEastside Cannery Las Vegas hotel opens Thursday for Labor Day crowds.  Almost 1,100 casino employees have been working for weeks at the $250 million hotel casino.  This is something that other casino owners have decided not to do in these hard economic times and falling credit market.

To take advantage of the crowds for Labor Day weekend in Las Vegas, NV festivities the Eastside Cannery will hold a grand opening at 8 p.m on Thursday.  The owners hope local residents will visit because a road trip isn’t in their budget.

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Cannery Casino And Las Vegas NV Hotel Sold For $1.8 Billion To Crown

Cannery CasinoCannery 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.

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