Crown pulls out of Las Vegas market with land sale
Crown Resorts has abandoned plans to build a casino on the highly sought-after 35-acre plot on the Las Vegas Boulevard.
The Australia-based gaming operator has hired brokerage CBRE Group to sell the land for a reported $400m.
Australian billionaire James Packer’s exit from the Las Vegas market marks a continuation of his move away from international assets. The news comes shortly after Crown announced the disposal of its entire stake in the Melco Crown joint venture in Macau.
The land was originally traded for $1.2bn in 2007 and is owned by Crown Resorts and Oaktree Capital Management. Packer purchased the land back in 2014 with the plan of developing the $2.5bn Alon Las Vegas project.
Executive Vice President of CBRE Group, John Knott said: “This is one of the most exciting properties to become available in Las Vegas in a long time.”
The progress of Packer’s plans has been an ongoing saga, with constant delays due to market conditions. In December, Packer announced the axing of the Alon Las Vegas project, adding that Crown would be putting plans to demerge its Australian and international assets into separate entities on hold.
Last year, Theo Mass, Partner at Arnhem Investment Management told ABC News: “I don’t think there was really anyone out there who was enthusiastic about them going back into Vegas and so pulling out is the smart thing to do.”
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