Crown Resorts is set to sell its land in Las Vegas as the company decided to dismiss its local project.
US.- Apparently, Las Vegas Strip will no longer offer an exclusive casino and resort experience operated by Crown Resorts Ltd. As announced last December, the Australian gaming company decided to dismiss its project in Nevada and sell the previously acquired land in one of the most famous strips worldwide.
According to GGRAsia, Crown Resorts has reached a deal with CBRE Group, world’s largest commercial real estate services firm, to set the selling process of its Las Vegas property. The company confirmed its decision of not moving forward with its American US$2.5 billion Alon casino and hotel project. “This is one of the most exciting properties to become available in Las Vegas in a long time,” celebrated listing broker John Knott, head of CBRE’s global gaming group.
Under the agreement with CBRE Group, Crown Resort will lease 16.2 acres of its total 18.4 acres in Las Vegas Strip, which could be valuated at US$400 million, as the real estate firm suggested to the local media. The total land is also owned by the Oaktree Capital Management.
“Crown will now be more focused on driving greater returns in Australia and ensuring the company is well prepared to deliver Crown Sydney in 2021,” added a spokesman of Crown Resorts, as The Australian revealed. Furthermore, James Packer, the Australian owner of the company, shared the future of financial plans for the rest of the year.