Crown Casino scraps Las Vegas casino due to credit market

Crown Casino, owned by Australian billionaire James Packer, is to scrap a $5 billion Las Vegas casino project because of tight credit markets.

The casino project, which was due to comprise of the tallest tower in Las Vegas as well as a 5,000 room hotel, had cost Crown $44 million which has now essentially been written off.

"The recent upheavals in world credit markets have made it increasingly difficult for Crown and its partners to develop a commercially viable project on what remains an attractive location on the Las Vegas strip," Crown chief executive Rowen Craigie said in a statement.

The crux of the decision seems to have come down to Crown being unable to find an equity partner to stump up some cash along with current partner York Capital Management to satisfy the demands of its lenders.

Editor, - 2008-06-04 11:03:00

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