While most gambling companies are looking to extend their business in new regions like Asia, Crown Resorts Ltd. has been trying to get a property on the Las Vegas Strip. They failed two times, but now they managed to acquire a 34.6 acre site, formerly home to New Frontier Casino.
Crown partnered with former Wynn COO Andrew Pascal and Oaktree Capital Managment to purchase the property. According to a press release, construction of the yet unnamed resorts could begin as soon as 2015, and they expect to finish by 2018.
Pascal, the CEO of the company has stated that he has been keeping an eye on the Las Vegas scene for the past 25 years, and now he wants to reinvent the Las Vegas market with his fresh ideas and their new resort. The undeveloped land is a great opportunity for the company to create something new, which could revitalize the city, which has been in decline for the past few years.
Crown has a huge experience in the industry, they have casinos in Australia (Crown Resorts will be the host of one of the most prestigious poker series in the world, the Aussie Millions between January 14 – February 2, 2015), Macau and London, but have not succeeded in getting a property on the Strip so far.
