Proposed Casino Site in Las Vegas Up For Sale

A $5 billion casino project in Las Vegas has apparently been shelved. The site of the proposed casino is now up for sale.

Crown Ltd. had big plans for the site. The plans were canceled, however, after the equity that was asked by the lenders, was not secured.

"Unable to come up with the increased equity demanded by lenders, developers last week put the site up for sale with CB Richard Ellis Group Inc and Goldman Sachs," the Wall Street Journal reported.

The project has not yet completely been scrapped. The development team, which includes Capital Management and Texas developer Christopher Milam, are still searching for ways to come up with the equity needed.

The casino complex was going to be a spectacle for Las Vegas to see. It was to include the tallest tower in Vegas. There also was plans for a 5,000 room hotel.

Las Vegas has been undergoing various changes. This one, however, looks as though it will need some help to get off the ground.

March 30, 2008
Posted By Tom Jones
Staff Editor, CasinoGamblingWeb.com
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