Foreign Companies Moving In On Slow Las Vegas Casino Industry

Las Vegas started out as part of an organized crime movement in the US. After the gangsters were moved out, big companies came in and swept up some of the most famous casinos in the city.

Now, it appears that the state of Nevada is ready to open their arms to an international flair. James Packer and his Crown company have received the approval of gaming regulators in Nevada on a potential acquisition of three casinos in the state.

The Nevada Gaming Control Board did all of their background work on Packer and his company and they found no reason not to approve the $2.4 billion acquisition. Now, Crown must receive a similar approval by regulators in Pennsylvania.

Part of the deal that will deliver the three Cannery casinos to Packer is a fourth casino and racetrack in Pennsylvania. Even though the deal has been signed over a year ago, it has been held up waiting for the approval of regulators.

Packer seemed upbeat when speaking to the Gaming Board on Wednesday. He expressed how the company was looking forward to being a part of the casino family in Nevada.

While Packer is excited, Las Vegas casinos are not. They have sen business fall way off since the economic crisis and revenue projections are not good for 2009. While many US companies may be having to pull out in the coming years, there will be plenty of foreign companies who will be willing to enter the market.

January 9, 2009
Posted By Terry Goodwin
Staff Editor, CasinoGamblingWeb.com
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