James Packer’s Crown Resorts will possibly be a part in opening a new Resort on the prime real estate of the Vegas Strip that was once occupied by the New Frontier hotel and casino. Andrew Pascal, nephew of Steve Wynn’s ex-wife, Elaine Wynn, will head up the company. Pascal was also formerly the president and chief operating officer of Wynn Resorts in Las Vegas. US hedge fund giant Oaktree will be providing “financial support” for this venture while it still owns half the loan tied to a casino at that site that collapsed when the recession hit.
Mr. Packer said “As we have built Crown Resorts into a thriving international company with successful casino ventures in Australia, Macau, and London, we’ve always kept our eye on Las Vegas.” “You can’t be in the gaming industry and not have a special reverence for Las Vegas – that’s where it all began.”
Oaktree President Bruce Karsh said “When Andrew approached us and shared his vision for the site and his partnership with Crown, we were eager to invest a portion of the proceeds from our debt investment and become an equity partner.” Both parties have agreed they think the land they acquired is the best piece of underdeveloped land on the Las Vegas Strip currently. Sitting almost directly in the middle of the four corners and Fremont Experience downtown it really is possibly the best place to start building. With the downtown revitalization project underway and with “Rock In Rio” coming just down the road at the corner of Sahara and LV BLVD this May and hopefully every year after this idea could be the perfect timing. The new mega-resort is slated to open a year after Genting is slated to open its $4 billion Resorts World Las Vegas just up the street at the site of the former Stardust. Keep your eyes open Las Vegas your skyline is soon to be changing once again!