Crown Resorts Drops Plan to Launch Alon Las Vegas Casino

Alon Las Vegas RenderingCrown Resorts, the famous gaming operator in Australia was looking forward to entering the Las Vegas casino market by launching a casino resort called Alon Las Vegas. This new casino resort will be built on a whopping 38 acres of land.

The casino site was proposed to be built across Las Vegas Boulevard and will be situated in the neighbourhood of Wynn Las Vegas.

Crown Resorts decided to quit on its global expansion plans in 2017 after the company saw a significant decline in share prices after 18 employees of the casino were arrested in Mainland China for promoting illegal gambling activities. Right now, the casino has dropped its plan for launching the Alon Las Vegas and will now focus on building casino resorts in the domestic market.

Right now, Crown Resorts is looking for a buyer for the Alon Las Vegas project. Steve Wynn who is the founder and chairman of the Wynn Resorts was found making a statement for purchasing the casino resort for an amount of $336 million. There is nothing official till date. The company is looking forward to purchasing 18.4 acres of land from Crown Resorts and acquires the remaining 16.2 acres from Elardi Family on the lease. The purchase process is likely to get completed by quarter ending June 2018.

Wynn Resorts have not announced any plans for the former Alon project site, and it has been marked as “future development”. The chairman of the casino resort is likely to discuss the project in detail in a meeting that will take place at the end of January.

KTNV Channel 13 Las Vegas

Few market analysts are showing their excitement over the acquisition of the Alon casino site by Wynn Resorts. According to them, the acquisition will be an important factor in generating revenue on the northern side of the strip.

Now, it will be interesting to see what plans Steve Wynn has for the new property like amount to invest and timeline to develop the casino. The company has several projects in its pipeline at the moment like for instance The Paradise Project and Wynn National Harbor Casino that are expected to be constructed with an investment of $1.5 billion and $2.4 billion respectively.

The analysts at Deutsche Bank are of the opinion that Wynn Resorts is not having any immediate plans to develop the Alon casino site. It is because the casino company has $2.7 billion in cash and $9.9 billion in debt as on September 30, 2017.

Jay Stevens

Jay Stevens

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