The Australian based casino company has purchased a piece of vacant land in Las Vegas which was housed the New Frontier Hotel & Casino. Packer bought a piece of a loan that is backed by the property, which would allow him then to negotiate with other creditors to develop the 34.5 acre site into a casino resort.
Talks are in a very early stage and could still collapse however the move marks a shift back into the US market for Crown after them taking a massive $2 billion hit in 2008 when they were last involved in the US.
Last time Packer lost in his investments in both Fontainebleau Resorts and Cannery Casino Resorts, but that was at the height of the recession and this time around the company feels the time is right to move back in.
No comment has been made from Crown on the potential development but observers believe that if Crown wants to be an International Casino operator having a presence in Las Vegas is a must.
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