Casino Giant Trying To Sell Las Vegas Strip LandCrown Looking To Sell Land For 33 Percent Of 2007 Price |
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James Packer’s Crown Resorts is looking to sell a piece of land on the Las Vegas Strip where it had once intended to build a new casino called Alon.
Packer’s company announced in December that it would be abandoning the project, in a effort to focus on its business in Australia. The project falling through had to be disappointing for Packer, who once said that “you can’t be in the gaming industry and not have a special reverence for Las Vegas."
It wasn’t the first time Packer’s Crown unsuccessfully made a play for Las Vegas. Packer lost nearly $2 billion on casino investments in the U.S. thanks to the 2008 financial crisis.
The 35-acre piece of land sits directly across from Wynn Las Vegas and Encore, just north of Fashion Show mall. Crown is seeking $400 million for the site, of which it owns about 18 acres.
The site traded for $1.2 billion in 2007.
The property is the former site of the New Frontier that was demolished in 2007.
According to a report from the Las Vegas Review-Journal, Israeli investors bought the New Frontier in 2007 with plans for a new casino called Plaza Las Vegas. That project never came to fruition, and Crown was able to acquire the site in 2014 for $280 million.
The move by Crown to list the land came the same week that Genting—another one of the world’s top casino developers—announced that its $4 billion Resorts World Las Vegas has been delayed.
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