\nHoward Stutz, Las Vegas Review-Journal \u00b7 March 2, 2016 at 6:30 pm<\/p>\n
\t2
\n\tThe planned $2 billion Alon project on the Strip, which is controlled by Australian billionaire James Packer, is on hold due to \u201cweakened American debt markets,\u201d according to a report Wednesday in the Sydney Morning Herald.<\/p>\n
\tPacker, according to the Australian newspaper report, told investors his plan to raise $1 billion in U.S. debt to finance the project was delayed.<\/p>\n
\t\u201cThey kept repeating there is no deadline for a deal especially given the high yield credit market is pretty much closed at the moment,\u201d a source close to Crown told the Sydney Morning Herald.<\/p>\n
\tFew details have emerged about Alon since Packer-controlled Crown Gaming, along with Oaktree Capital and Wynn Resorts executive Andrew Pascal, purchased the 35-acre former New Frontier site in 2014 for a reported $260 million.<\/p>\n
\tIn a statement Wednesday, Pascal, the CEO of Alon Las Vegas, said the report had \u201cmore to do with the macro financial markets\u201d than with Alon.<\/p>\n
\t\u201cThere is no question that the environment is difficult for everyone at the moment, but deals are still getting done,\u201d Pascal said. \u201cWe will continue to advance our development and ultimately secure the capital we need.\u201d<\/p>\n
\tLast July, Alon Leisure Management LLC, filed paperwork with Clark County seeking the various land entitlements and permits for the site. A few early renderings were released along with plans calling for an 1,100-room hotel over two towers. The project had reportedly been scheduled to open in 2018.<\/p>\n
\t\u201cWe have the right team, the right idea, the right timing and the right location,\u201d Pascal said.<\/p>\n
\tIn December, an Australian gaming analyst said Crown Resorts having trouble raising the financing that is needed to build the planned hotel-casino complex.<\/p>\n
\tPacker\u2019s private investment firm owns 53 percent of Crown. In August, he stepped down as Crown\u2019s chairman to oversee the company\u2019s global expansion, which included the October opening of the $3.2 billion Studio City complex in Macau, and Alon.<\/p>\n
\tPacker \u2014 who has a net worth of $4.5 billion \u2014 is listed at No. 291 on the Forbes List of World Billionaires and is the second-richest person in Australia. He\u2019s made headlines on the society pages and tabloids recently through his romantic relationship with entertainer Mariah Carey, who appeared with him at the Studio City opening.<\/p>\n
\tThe Morning Herald reported that Packer has indicated he would like to sell down his Crown stake to 45 percent.<\/p>\n
No replies were posted for this topic.<\/p>\n","protected":false},"excerpt":{"rendered":"
Howard Stutz, Las Vegas Review-Journal \u00b7 March 2, 2016 at 6:30 pm 2 The planned $2 billion Alon project on the Strip, which is controlled by Australian billionaire James Packer, is on hold due to \u201cweakened American debt markets,\u201d according…<\/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-9358","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\/9358","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=9358"}],"version-history":[{"count":0,"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/posts\/9358\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/media?parent=9358"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/categories?post=9358"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/tags?post=9358"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}