James Packer’s foreign fire sale isn’t over yet with Crown Resorts hiring brokerage CBRE Group to sell its 34.6-acre block of land on the Las Vegas Strip.
The land, being offered at US$400 million, was to be the site of the company’s highly anticipated Alon project before Crown Resorts announced in December that it was pulling the plug on its Las Vegas ambitions.
“This is one of the most exciting properties to become available in Las Vegas in a long time,” said Head of Global Gaming for CBRE, John Knott.
Crown Resorts had originally teamed up with Los Angeles investment firm Oaktree Capital Management in 2014, acquiring 18.4 acres through foreclosure and leasing the other 16.2 acres from its previous owners.
The project, which was to cover 3.4 million square feet including 27,800 square feet of casino space and an 1,100-room resort, was originally scheduled for completion in 2018 but never broke ground.
Mr Knott told the Las Vegas Review-Journal that the current US$400 million asking price was only around 33% of its peak value. It is located at the northern end of the Strip, close to the site of the under-construction, Chinese-themed Resorts World Las Vegas.
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