James Packer’s Las Vegas casino plan still alive

James Packer’s Alon Las Vegas casino plan may have stalled but design work continues, says a project boss.

There have been challenges in financing the planned Packer casino.

James Packer’s Las Vegas dream is not dead, according to the project’s top executive, who has hosed down rumours that casino plans are on hold.

Mr Packer, who this week reduced his stake in casino operator Crown Resorts (CWN) through a $450 million share sale, has long held ambitions for a successful Las Vegas project, but market conditions have stalled his plans.

Crown has had its sights on the global gaming hub since it announced in 2014 that a majority-owned subsidiary had acquired a 34.6-acre vacant site on the Las Vegas Strip to develop the $2.5 billion Alon Las Vegas project.

It has partnered with former Wynn Las Vegas president Andrew Pascal, with financial backing from Oaktree Capital Management, to develop the 1100-room resort.

Mr Pascal said this week that Mr Packer’s selldown of his stake in Crown, which reduced the casino billionaire’s interest to 48.2 per cent, would not affect the Las Vegas project.

The Australian-listed Crown Resorts is also progressing plans to spin off its international interests, including the Las Vegas property, into a separate vehicle to its Australian projects.

Mr Pascal said challenges in financing the Las Vegas resort had slowed plans but pre-design and design phases were continuing.

“The project hasn’t been suspended and the financing is complicated because it’s a multibillion-dollar greenfield development,” he told the Las Vegas Review-Journal.