Crown Resorts is leading a group that has acquired the vacant lot on the Las Vegas Strip where the New Frontier hotel-casino formerly sat.
It is another attempt by the Australia-based company to build a Las Vegas hotel.
Crown has a majority stake in a partnership that includes former Wynn Las Vegas president Andrew Pascal and Oaktree Capital Management. The group paid $280 million for the 35-acre site across the street from the Wynn and Encore hotels.
The New Frontier was built in 1942 and demolished in 2007.
Crown plans to break ground next year on a project slated for completion in 2018. The group didn’t disclose details about the size and scope of the project.
In 2007, Crown proposed to build a hotel-casino that would have been Las Vegas’ second-tallest building to the Stratosphere. However, the Crown Las Vegas project was mothballed in 2008.
Also, Crown was an investor in the Fontainebleau Las Vegas. That $3 billion project, also at the north end of the Strip, was about 70% completed when it fell into bankruptcy and construction stopped in April 2009.
Crown said last month that it reached a settlement with lender-plaintiffs on the project, which remains abandoned.
In another failed bid in Nevada, Crown in 2007 agreed to buy Cannery Casino Resorts, whose properties include the Eastside Cannery Casino Hotel in Las Vegas and the Cannery Casino Hotel in North Las Vegas. for $1.75 billion. However, the agreement was terminated and Crown acquired a 24.5% stake in the company for $320 million.
Crown is led by billionaire James Packer, whose estimated wealth of $6.2 billion makes him the third-wealthiest Australian, according to Forbes.
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