Resorts World Las Vegas, a planned Chinese-themed megaresort next to Alon, is showing little visible progress. It later announced another sale of its Melco shares, saying the two deals would generate a combined $1.9 billion Australian ($1.39 billion U.S.) in proceeds for itself.Īll told, the company’s departure does not bode well for Alon - Crown was supposed to be its main financial backer - or, more broadly, the Strip’s still-sluggish casino-real estate market.ĭevelopers are largely ignoring the tourist corridor’s vacant parcels. When Crown announced it was bailing on the Las Vegas project, it also said it was selling about half its stake in Macau casino operator Melco Crown Entertainment. Still, Alon isn’t the only thing that Packer, the largest shareholder at Crown, is pulling back from. Las Vegas has a long, illustrious history of people pitching massive projects and never building them. Of course, Packer isn’t the first person to propose a supersized Strip resort and not follow through. But there has been little activity at the property, and Packer reportedly had trouble raising project funds. Packer and partners acquired the 34.6-acre site, former home of the New Frontier, in 2014 and said they expected to start building a resort in late 2015 and finish by 2018. The latest fizzle was finalized Thursday when his company Crown Resorts announced it was backing out of Alon Las Vegas, a proposed 3.4 million-square-foot, 1,100-room project next to Fashion Show mall on the Strip. But when it comes to building a resort in the heart of America’s gambling mecca, Packer’s plans keep fizzling. The Alon resort? He’s washed his hands of it.Īustralian billionaire James Packer has invested a fortune in casinos, including in Las Vegas. The Fontainebleau? An unfinished eyesore. James Packer speaks during a news conference of the Studio City project in Macau, Tuesday, Oct.
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