Crown Resorts Purchases Site In Las Vegas

Rio Las Vegas

Crown Resorts Limited yesterday confirmed via a press release that they have acquired a 34.6 acre site in Las Vegas for around $280 million. This site which is located on the ‘Las Vegas Strip’ used to be occupied by the New Frontier Casino and was acquired at an auction put up by lenders of the previous owner.

According to Bloomberg, Crown which is owned by James Packer, will partner with the former president Andrew Pascal in opening a new casino at the site.

This will be the third attempt at breaking into Las Vegas for Crown after their previous two resorts never lived up to their promise at becoming a success. It is hoped that this attempt will add to the success that they already have globally in cities Melbourne, Perth and London.

Additionally, they have planned developments in both Sydney and Brisbane as well as a brave one in Sri Lanka.

The two previous failed attempts were the Fontainebleau Resorts LLC and the Cannery Casino Resorts LLC, both said to eventually fail to prosper. They are happy that this time it will be third time lucky as James Packer said in a statement:

You can’t be in the gaming industry and not have a special reverence for Las Vegas — that’s where it all began, While we fell short in past attempts to enter that market, we now have the ideal opportunity.”

It is thought that the project will take a number of years before the new resort will open. They believe that they will start construction at the end of 2015 and be finally ready to open their doors in 2018. Whether this resort will buck the trend and go on to be a success is yet to be seen but being located right next to the Wynn Hotel and Casino is sure to provide them with some high class competition.

Crown Resorts are easily among the biggest entertainment groups in Australia and are the ones behind the ever popular Aussie Millions Championships held each year. The very next Aussie Millions will take place next year in January, serving up a total of 21 events including three High Roller events and of course the Main Event.

The Aussie Millions has often been labeled as Australia’s World Series of Poker and it continues to grow on a yearly basis.