James Packer Makes Move Toward Vegas CasinoAustralian Casino Tycoon In Talks To Develop Property On Strip |
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Australian billionaire James Packer might be looking to build a casino on the Las Vegas Strip, Bloomberg reported Friday. According to the site:
Packer, chairman of Australia’s Crown Resorts Ltd. (CWN), is in talks to develop a Las Vegas Strip resort on land once occupied by the New Frontier Hotel & Casino after buying a piece of a loan backed by the property, according to people with knowledge of the matter. He is negotiating a potential deal with other creditors including Oaktree Capital Group LLC (OAK), said the people, who asked not to be identified because the talks are private.
The site is located across from Wynn Las Vegas.
According to Bloomberg, “Packer has been considering a return to the U.S. casino market after saying in 2012 that his investments there were his worst to date.”
He lost nearly $2 billion on casino investments in the U.S. thanks to the 2008 crisis.
Packer was vying for an opportunity to purchase the Cosmopolitan Las Vegas from Germany’s Deutsche Bank, but the casino was sold to Blackstone Real Estate Partners for $1.73 billion.
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