• About Us
  • The Team
  • Advertise with Us

The latest news on the gaming industry in Asia

() () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () ()
  • Home
  • Macau
  • Philippines
  • Singapore
  • Japan
  • Rest of Asia
  • World
  • Industry Talk
  • Trends & Tech
  • iGaming
  • follow
    • Facebook
    • Twitter
    • RSS Feed
    • LinkedIn

Crown seeks US$400 mln for Las Vegas land plot

May 22, 2017 Newsdesk Latest News, Top of the deck, World  


Crown seeks US$400 mln for Las Vegas land plot

Australia-based gaming operator Crown Resorts Ltd has hired brokerage CBRE Group to sell its land plot in Las Vegas, in the United States, where the Alon casino and hotel project was to be built. The casino operator had already announced in December that it would no longer pursue the Alon casino and hotel project on the Las Vegas Strip.

“This is one of the most exciting properties to become available in Las Vegas in a long time,” listing broker John Knott, head of CBRE’s global gaming group, said in a press release. The brokerage said the land is being offered at US$400 million.

A subsidiary of Crown Resorts had acquired the parcel of land in Las Vegas in 2014, paying a reported US$280 million. The site was formally occupied by the New Frontier casino.

The Australian company owns 18.4 acres (7.4-hectares) of the site and is leasing the remaining 16.2 acres from the previous owners. CBRE said the rented portion of the land is part of the new deal, according to the Las Vegas Review-Journal. Buyers could still pursue the Alon project but wouldn’t be obligated to, added the newspaper, quoting the brokerage.

The intention to sell the Las Vegas land follows Crown Resorts’ disposal of its entire stake in Asian casino developer Melco Resorts and Entertainment Ltd. The Australian firm – controlled by billionaire James Packer – said it expected to use the approximately US$987-million proceeds of that deal to reduce debt.

As the result of the sell down in Melco Resorts and the decision to sell the land plot in Las Vegas, Crown Resorts disposes of all of its international investments.

Crown Resorts announced last week that it had received “all necessary regulatory approvals” for the appointment of Mr Packer as a director of the company. Mr Packer had stepped down as a director of Crown Resorts in December 2015, after resigning as chairman in August 2015.


  • tweet
Related articles
  • Blackstone clinches US$6.15bln takeover of Crown Resorts
    Blackstone clinches US$6.15bln takeover...

    Jun 24, 2022  

  • Australian court nods Blackstone-Crown deal: filing
    Australian court nods Blackstone-Crown...

    Jun 15, 2022  

More news
  • Maybe new Macau mass Covid test, community spread still
    Maybe new Macau mass Covid test,...

    Jun 24, 2022  

  • Jeju still studying online gaming for its casinos: govt
    Jeju still studying online gaming for...

    Jun 24, 2022  


Latest News

Maybe new Macau mass Covid test, community spread still

Maybe new Macau mass Covid test, community spread still

Jun 24, 2022  

It is likely that Macau will shortly have a third round of citywide centre-based Covid-19 testing in little more than a week, after the results so far of a second mass test – that was due to finish...
Read More
Blackstone clinches US$6.15bln takeover of Crown Resorts

Blackstone clinches US$6.15bln takeover of Crown Resorts

Jun 24, 2022  

Jeju still studying online gaming for its casinos: govt

Jeju still studying online gaming for its casinos: govt

Jun 24, 2022  

Sign up to our FREE Newsletter

UB8V5.qr.16(Click here for more)

Pick of the Day


US$5.8 million

Amount that each Macau casino operator paid for the circa six-month extension of their respective contract



Most Popular

  • Maybe new Macau mass Covid test, community spread stillMaybe new Macau mass Covid test, community spread still June 24, 2022
  • Blackstone clinches US$6.15bln takeover of Crown ResortsBlackstone clinches US$6.15bln takeover of Crown Resorts June 24, 2022
  • Alvin Chau, Suncity trial set for September 2: courtAlvin Chau, Suncity trial set for September 2: court June 20, 2022
  • Jeju still studying online gaming for its casinos: govtJeju still studying online gaming for its casinos: govt June 24, 2022
  • Macau ops sign contract extension, eye fresh public tenderMacau ops sign contract extension, eye fresh public tender June 23, 2022
Copyright 2014-2022 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us