Crown abandons Las Vegas project

Casino operator Crown Resorts is exiting the Las Vegas market, selling its 35-acre parcel of prime real estate on the Las Vegas Boulevard, The Australian reports.

The operator purchased the parcel of land back in 2014 with plans to develop the $2.5 billion Alon Las Vegas project.

However, Crown announced in December last year that it will abandon its plans to build the casino.

“I don’t think there was really anyone out there who was enthusiastic about them going back into Vegas and so pulling out is the smart thing to do,” said Theo Mass, partner at Arnhem Investment Management last year, quoted by ABC News.

Crown is engaging commercial real estate company CBRE to list the plot, which sits opposite Wynn Las Vegas and Encore at Wynn Las Vegas resorts.

John Knott, executive vice-president of CBRE, said the land was prime real estate.

“This is one of the most exciting properties to become available in Las Vegas in a long time.”

The news comes shortly after the casino operator completed its exit from the Melco Crown joint venture in Macau.