Casinos.co.uk: Casino News Archive
Tuesday 1st April 2008
Casino prospect suffers setback
The prospects of Las Vegas' biggest future gambling hotspots has been thrown into doubt, the Reuters reports.
Developers of a new $5 billion casino project in the city have put their site up for sale.
It is thought that the development group, including Crown, have given up on their plans after having troubles with paying back their loans on the markets.
The ongoing financial crisis has seen supplies of credit to firms attempting to raise money in this way drastically cut.
"The project had planned to build the tallest tower in Las Vegas as part of the casino complex and 5,000 room hotel project," the report claimed.
Investors in the project include Australian billionaire James Packer and Texan mogul Christopher Millam - along with private equity firm York Capital.
"The development team is searching for another equity partner to keep the project alive," the report added.
Source:Direct News
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