Crown Casino Won’t be Taking Stake in Las Vegas Project
Australia's Crown Casino has denied media reports that it plans to take a stake in the troubled City Center development in Las Vegas.
The Wall Street Journal this past week quoted an unnamed source as saying Crown was considering investing in the project.
The US$8.6 billion development is owned by MGM Mirage and Dubai World. Las Vegas and MGM in particular have been especially affected by the recent economic downturn.
Australian Media Man, Greg Tingle, praised Crown Casino bigwig James Packer for the positive news that has come out of his camp of late.
"One can bet that Packer would be keen to regain some of this financial wealth back which was halved in the past one year plus," Tingle told Gambling911.com. "One would think that if there are still some true casino ‘whales' left they would frequent Las Vegas of of course Macau, where Packer just happens to be pushing along Crown Macau and The City Of Dreams."
Crown Limited (ASX:CWN) is an Australian gaming and entertainment company established in 2007 that owns Australia's Crown Casino Complex.
Crown Limited was formed on December 17, 2007 when Publishing and Broadcasting Limited (PBL) split into two new companies. Crown Limited acquired all of the gaming interests while Consolidated Media Holdings, the renamed PBL retained all of the remaining asset.
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Jagajeet Chiba, Gambling911.com
