James Packer has confirmed what everyone in Las Vegas can see for themselves - his $2bn Alon casino project is on hold.
Packer has told investors that his plan to raise $1bn in US debt to finance the project has been delayed because of the weakened American debt markets, the Sydney Morning Herald reported.
That could delay the opening of Alon until after its original target date of 2018, the newspaper said. The site of the project on the Las Vegas Strip has sat empty since being announced last year.
Alon is 73 per cent owned by the Packer-controlled Crown Gaming with the remainder owned by Oaktree Capital and veteran casino executive Andrew Pascal.
However, Packer has indicated he would like to sell down CWN’s share to 45 per cent, the Morning Herald said. Alon sits along the Strip just south of the former Echelon site where Genting’s planned $4bn Resorts World site has been similarly quiet since being announced three years ago and following a ceremonial groundbreaking last May.
Source: Fantini’s Gaming Report
