James Packer Sells Las Vegas Site and Rejoins Crown Resorts

James PackerJames Packer who is a world-renowned casino tycoon in Australia is moving forward in his life by planning to exit completely from all kinds of international ventures. Recently, he was in the news for withdrawing himself from the Las Vegas project.

His company Crown Resorts has hired CBRE which is a commercial real estate firm for listing a 35-acre plot of land on Las Vegas Boulevard. The company owns the land apart from an investment firm known as Oaktree Capital Management. The purchased land is opposite to the famous Wynn Las Vegas and Encore properties ahead of Fashion Show mall.

The site was bought for a whopping sum of $1.2 billion way back in 2007 for the development of $2.5 billion Alon Las Vegas project. Crown has joined hands with Andrew Pascal who is a former executive of Wynn Las Vegas and received financial assistance from the firm Oaktree. The project was expected to have 1,100 room resort.

Last December, a major shift was announced by Crown Resorts where it declared of moving out of all kinds of international ventures and it includes the Alon Las Vegas project as well. It will now focus on the Australian projects. Apart from that, the company has announced several steps of cost-cutting which includes layoffs and review of all the sponsorship deals.

The rejig was declared after the sudden arrest of 18 employees by Chinese officials which led to a sudden drop in the VIP gaming revenue and it has not been recovered yet. Only one arrested person has been released so far. Crown Resorts is looking forward to exit from the highly successful Macau joint venture called Melco Crown Entertainment and it would bring an end to their 12 years of partnership.

A spokesman from Crown has made the following statement:

Crown will now be more focused on driving greater returns in Australia and ensuring the company is well prepared to deliver Crown Sydney in 2021.

According to the analysts, the re-entering of Packer in the board will bring renewed focus on the Australian properties. A change in the management is also expected. John Alexander has been appointed as the Chairman by Packer in place of Robert Rankin. Rankin is no longer a member of Consolidated Press Holdings which is a private investment firm of Packer. That place will be filled by Guy Jalland who is a long-time legal adviser.

Packer owns 48 percent shares of Crown and is also rejoined its board when the local regulators cleared him. He moved down from his post in the year 2015. Aspinall Casino in London is the remaining piece of interest for Crown. The company is looking forward to making serious bidding for a license in Japan.

Jay Stevens

Jay Stevens

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