James Packer’s Crown Casino is reportedly looking at making a US$2 billion move into the Las Vegas gambling market, according to the AFR this morning.
Crown is expected to join the running to acquire The Cosmopolitan, which is currently in the hands of banker, Deutsche Bank.
It’s Packer’s second tilt at Las Vegas with the previous foray unfortunately timed just before the GFC. The AFR reports that Packer has “subsequently described the US casino foray – which put Crown’s balance sheet under pressure – as one of his biggest strategic mistakes.”
But success in Macau and a tailing of in-capital expenditure at Crown Melbourne leave Crown able to diversify its footprint if it wins the battle for Cosmopolitan.
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