Ex-Wynn executive is Crown partner for Vegas project
Crown Resorts Ltd is linking with Andrew Pascal – a former president and chief operating officer of Wynn Las Vegas LLC, a subsidiary of Wynn Resorts Ltd – on its proposed Las Vegas project at the north end of the Las Vegas Strip, Crown said in a filing to the Australian Securities Exchange Ltd on Monday.
News of the plan was first reported on Friday.
The scheme will have financial support from Oaktree Capital Management LP, according to the document. Oaktree Capital is a minority investor in the Studio City project currently under construction in Macau, which is majority owned by Crown’s joint venture in Macau, Melco Crown Entertainment Ltd.
A new majority owned subsidiary of Crown has acquired a 34.6-acre (14-hectare) parcel of land in Las Vegas, Crown said in its filing. The site was formally occupied by the New Frontier casino.
Mr Pascal will be the co-chairman and chief executive of a new company.
“I’m excited in having my hand in crafting something new and fresh for the resurgent Las Vegas market,” said Mr Pascal in statement attached to the Crown document.
Referring to Crown’s previous attempts to enter Las Vegas, including a planned purchase of Nevada-based operator Cannery Casino Resorts – at the top of the market in December 2007 and shortly before the global financial crash in 2008, James Packer, chairman of Crown said: “ While we fell short in past attempts at to enter that market, we now have the ideal opportunity – with a great local partner in Andrew, a leading financial investor in Oaktree, and the perfect piece of property.”
The Cannery proposed deal was terminated in March 2009, according to a Crown filing at the time.
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