Vegas mega-casino plans scrapped
3rd April, 2008
Plans for a mega casino in Las Vegas are said to be hanging by a thread after investors withdrew their support.
Australia's Crown Ltd, which spearheaded the $5 billion (£2.5 million) casino gambling project, reportedly failed to appease shareholder demands for increased equity.
Crown, owned by billionaire James Packer, had planned to construct the casino with the help of Texas developer Christopher Milam and private equity firm York Capital Management.
In the absence of investor funding, however, the project cannot go ahead. While Crown it said to be seeking another equity partner, the Wall Street Journal has reported that the site is now up for sale.
"Unable to come up with the increased equity demanded by lenders, developers last week put the site up for sale with CB Richard Ellis Group Inc and Goldman Sachs," the paper reported.
Had it been seen through to completion, the 5,000-room hotel project would have had the tallest tower in Las Vegas.
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