HONG KONG (MarketWatch) -- A development group planning to build a 5,000-room hotel and skyscraper on the Las Vegas Strip has scrapped the project, owing to difficult credit- market conditions, according to one of the partners in the joint venture Wednesday.
Casino company Crown Ltd., headed by the Australian investor James Packer, said it and its partners, the private-equity firm York Capital Management and the property developer IDM, decided to pull out after conducting a strategic review.
"The recent upheaval in world credit markets has made it increasingly difficult for Crown and its partners to develop a commercially viable project," Crown Chief Executive Rowen Craigie said in a statement to the Australian Stock Exchange Wednesday.
Crown said it will write off its A$44 million (US$42.1 million) investment in the project. The development at the 27-acre site, which Reuters reported was valued at $5 billion, had included plans for the tallest tower in Las Vegas and an integrated hotel-and-casino complex Crown said it would focus on other areas of its business.
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Casino company Crown Ltd., headed by the Australian investor James Packer, said it and its partners, the private-equity firm York Capital Management and the property developer IDM, decided to pull out after conducting a strategic review.
"The recent upheaval in world credit markets has made it increasingly difficult for Crown and its partners to develop a commercially viable project," Crown Chief Executive Rowen Craigie said in a statement to the Australian Stock Exchange Wednesday.
Crown said it will write off its A$44 million (US$42.1 million) investment in the project. The development at the 27-acre site, which Reuters reported was valued at $5 billion, had included plans for the tallest tower in Las Vegas and an integrated hotel-and-casino complex Crown said it would focus on other areas of its business.
Click here to read the article and comments on MarketWatch
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