Casino King James Packer Backs Out of Vegas Options

Australian billionaire James Packer has confirmed he will exit talks to enter the lucrative Las Vegas casino market after putting land he owns on the market.

Mr Packer’s casino empire, Crown Resorts, has engaged commercial real estate company CBRE to list a 35-acre (14ha) parcel of prime real estate on Las Vegas Boulevard, according to the Australian.

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.”

Crown Resorts, through a subsidiary, purchased the parcel of land in 2014 with plans to develop the $2.5 billion Alon Las Vegas project.

- Aaron Goldstein, Gambling911.com