Filed under: Real Estate Developments
Yet another casino has been scrapped before it ever came to be. Australian billionaire James Packer was set to build the tallest casino in Las Vegas, the Crown Las Vegas but has scrapped the project due to the credit crunch and the dicey state of the economy. The $5 billion project would have included a 5,000-room hotel on the site of the former Wet N' WIld water park along the Strip. The plans included a 1,064-foot tower which would have become the highest building in the ctiy. Marketwatch reports that Crown will take a $42 million charge against earnings. Crown holds a 37.5 percent stake in the LVTI LLC venture which was to develop the 27-acre site next to the Fontainebleau Las Vegas development.