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\n\tThe land where the New Frontier hotel-casino once stood is seen on left adjacent to Las Vegas Boulevard, north of Spring Mountain Road in Las Vegas on Thursday, July 31, 2014. (Chase Stevens\/Las Vegas Review-Journal)<\/p>\n
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\n\tThe land where the New Frontier hotel-casino once stood is seen on left adjacent to Las Vegas Boulevard, north of Spring Mountain Road in Las Vegas on Thursday, July 31, 2014. (Chase Stevens\/Las Vegas Review-Journal)<\/p>\n
\tHoward Stutz, Las Vegas Review-Journal<\/p>\n
\tAustralian billionaire James Packer said he has acquired controlling interest in a nearly 35-acre Strip land parcel and will form a company to build a hotel-casino on the site with former Wynn Las Vegas President Andrew Pascal and investment firm Oaktree Capital Management.<\/p>\n
\tIn a statement released Sunday night by Packer\u2019s Crown Resorts Ltd. in Melbourne, Australia, Packer said he will serve as co-chairman of the new company with Pascal. Plans are still being finalized but the company hopes to begin construction of a hotel-casino project in 2015.<\/p>\n
\tThe long dormant site once housed the New Frontier and was subject of the Strip\u2019s most expensive real estate transaction.<\/p>\n
\tTwo Israeli companies bought the New Frontier and the land across from Wynn Las Vegas for $1.2 billion \u2014 roughly $24.8 million an acre \u2014 in 2007. The aging hotel-casino was demolished.<\/p>\n
\tThe companies planned to build a $5 billion hotel-casino based on the Plaza Hotel in New York City, but the recession killed the project.<\/p>\n
\tAFP News Service reported Packer paid $260 million to acquire a stake in the parcel.<\/p>\n
\tOaktree President Bruce Karsh said the company decided to reinvest a portion of the proceeds from its debt investment and become an equity partner in the project after talking with Packer and Pascal.<\/p>\n
\tPacker, who has twice flirted with Las Vegas and was reportedly interested in buying the Cosmopolitan of Las Vegas earlier this year, said \u201cyou can\u2019t be in the gaming industry and not have a special reverence for Las Vegas.\u201d<\/p>\n
\tCrown operates casinos in Australia, Macau and London.<\/p>\n
\t\u201cWhile 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,\u201d Packer said.<\/p>\n
\tPascal said the project could open by 2018.<\/p>\n
\t\u201cI\u2019ve always been inspired by this city\u2019s capacity for reinvention,\u201d said Pascal, who developed and sold a slot machine company and has been involved in social gaming. \u201cI\u2019m excited to have my hand in crafting something new and fresh for the resurgent Las Vegas market.\u201d<\/p>\n
No replies were posted for this topic.<\/p>\n","protected":false},"excerpt":{"rendered":"
The land where the New Frontier hotel-casino once stood is seen on left adjacent to Las Vegas Boulevard, north of Spring Mountain Road in Las Vegas on Thursday, July 31, 2014. (Chase Stevens\/Las Vegas Review-Journal) Howard Stutz, Las Vegas Review-Journal…<\/p>\n","protected":false},"author":36,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10],"tags":[],"class_list":["post-7789","post","type-post","status-publish","format-standard","hentry","category-latest-casino-news"],"_links":{"self":[{"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/posts\/7789","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/users\/36"}],"replies":[{"embeddable":true,"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/comments?post=7789"}],"version-history":[{"count":0,"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/posts\/7789\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/media?parent=7789"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/categories?post=7789"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/tags?post=7789"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}