The Australian-based casino company Crown Resorts Limited announced today that a majority-owned subsidiary of Crown has acquired a massive site in Las Vegas, measuring 34.6 acre. The site can be found on Las Vegas Boulevard and will cost Crown around $280 million to acquire, including the costs prior to the purchase.
The site acquired by Crown is the place where the New Frontier Casino was placed, who's owners put it up for sale through a foreclosure auctions. Crown took home the lot with the best bid and are now the new owner of the site.
It will be the first project that Crown will have in Las Vegas, marking a milestone in their company history, but also giving them a new challenge.
“For over 25 years, I’ve studied the ever?shifting Las Vegas landscape,” said Andrew Pascal, Co? Chairman, and CEO of the new company. “I’ve always been inspired by this city’s capacity for reinvention. I’m excited to have my hand in crafting something new and fresh for the resurgent Las Vegas market.”
James Packer, Chairman of Crown Resorts Limited, and Co?Chairman of the new company said:
“You can’t be in the gaming industry and not have a special reverence for Las Vegas – that’s where it all began. As we have built Crown Resorts into a thriving international company with successful casino ventures in Australia, Macau, and London, we’ve always kept our eye on Las Vegas. And while we fell short in past attempts 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."
Bruce Karsh, President of Oaktree said, “We acquired our interest in the storied Frontier site because we believed it was the best piece of undeveloped land on the Las Vegas Strip. When Andrew approached us and shared his vision for the site and his partnership with Crown, we were eager to reinvest a portion of the proceeds from our debt investment and become an equity partner in their exciting new venture."
The new casino is expected to be done somewhere in 2018 and construction on the site will begin sometime next year.