Billionaire James Packer finally has his hands on a piece of prime Las Vegas real estate.
And with it Australia’s Crown Resorts and Andrew Pascal, former President and COO of casino operator Wynn Las Vegas, with financial support from Oaktree Capital Management, have formed a new resort company to develop the property.
The new company announced its acquisition for a $280 million controlling interest in the 14 hectare New Frontier parcel on Las Vegas Boulevard, where it will develop its first project.
James Packer, chairman of Crown Resorts Limited and co‐chairman of the new company, says the real estate is a perfect piece of property.
“You can’t be in the gaming industry and not have a special reverence for Las Vegas – that’s where it all began,” Packer says.
“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.
“And while we fell short in past attempts to enter that market, we now have the ideal opportunity ‐ with a great local partner in Andrew, a leading financial investor in Oaktree (Capital), and
the perfect piece of property.”
Packer reportedly lost more than $1 billion in his first foray into Las Vegas just before the GFC in 2009.
Bruce Karsh, President of Oaktree, says the site is the best piece of real state on the Las Vegas strip.
The new company expects to bread ground in 2015 and complete the project in 2018.
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