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Las Vegas casino site up for sale


Reuters,  Sunday, March 30, 2008 at 8:37:34 PM

Nevada--The site of a $5 billion casino project in Las Vegas has been put up for sale after the development group failed to come up with increased equity demanded by lenders, the Wall Street Journal has reported. Australia's Crown Ltd., owned by billionaire James Packer, along with Texas developer Christopher Milam and private equity firm York Capital Management, had planned to build the tallest tower in Las Vegas as part of the casino complex and 5,000 room hotel project. The development team is searching for another equity partner to keep the project alive, the report said, citing sources with knowledge of the situation.

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