Crown Las Vegas project declared dead

4 Jun 2008

LAS VEGAS, Nevada and MELBOURNE, Australia -- The $5 billion Crown Las Vegas project slated for the old Wet 'n Wild site is officially dead, according to the Australian-based partner in the project.

Melbourne, Australia-based Crown limited announced late Tuesday that LVTI, the joint-venture company developing the project, has decided not to proceed with an option to buy the 27-acre site and no further payments will be made.

Texas-based developer Christopher Milam and private equity firm York Capital Management were partners in the project.

The site, which had been approved for a 1,064-foot hotel tower, is now owned by Archon Corp.

In addition to LVTI and the Fontainebleau projects, Crown's U.S. investments include a 4.9 percent stake in Station Casinos and a 2.5 percent holding in Harrah's Entertainment.

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	Crown Las Vegas project declared dead 4 Jun 2008 <a href='https://ad.casinocity.com/adclick.php?n=a21efcd1'><img src='https://ad.casinocity.com/adview.php?what=-site:vendors/width:250/RON&n=a21efcd1' border='0' alt='' /></a> LAS VEGAS, Nevada and MELBOURNE, Australia -- The $5 billion Crown Las Vegas project slated for the old Wet 'n Wild site is officially dead, according to the Australian-based partner in the project. Melbourne, Australia-based Crown limited announced late Tuesday that LVTI, the joint-venture company developing the project, has decided not to proceed with an option to buy the 27-acre site and no further payments will be made. Texas-based developer Christopher Milam and private equity firm York Capital Management were partners in the project. The site, which had been approved for a 1,064-foot hotel tower, is now owned by Archon Corp. In addition to LVTI and the Fontainebleau projects, Crown's U.S. investments include a 4.9 percent stake in Station Casinos and a 2.5 percent holding in Harrah's Entertainment. Copyright GamingWire. All rights reserved.