Crown Resorts battles to raise funding for Las Vegas project
The equity sale could be harmed by the slowdown in China´s economy
US.- Casino operator Crown Resorts’ Alon project could see a current waning on its interested investors which is generating trouble for raising the financing that is needed to help build the planned Nevada resort casino, expected to cost near US$ 1.9b.
On Thursday, a Credit Suisse report written by its gaming analyst Larry Gandler said Crown Resorts, the Australian casino developer that owns 74 percent of Alon, was looking to finance the resort by reducing its stake in project.
Delving deeper into this subject, the Australian developer is trying to finance the resort by reducing its stake in the project to 45 percent and raising US$ 425m via an equity issue for new investors. According to gaming analyst Larry Gandle the equity round “seems to be taking longer than we thought.” The equity sale is taking place in China and Gandle also explained that the slowdown in the country’s economy may be diminishing the interest of investors in Alon.