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All bets are off for Packer's Las Vegas casino


Sidney Morning Herald,  Wednesday, June 4, 2008 at 11:41:35 AM

James Packer's ambitious roll of the dice aimed at creating the world's tallest casino has failed to come up with the right numbers, with financiers failing to support the Las Vegas project.

Crown Ltd, of which Mr Packer owns 38 per cent, yesterday announced that plans to build a $5.2 billion casino with American partners had been thwarted by the global credit crunch.

The decision to pull the plug comes after the plan to transform an empty block of land into a casino and hotel development was effectively put on life support about three months ago.

The partners were forced to call it quits as their option to buy the prime building site on the Las Vegas strip was due to expire at the end of the month. They had previously extended the time given to hand over the final purchase payment several times.


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