Two Out Of Three Not Bad For Packer In Las Vegas Casino Purchase

There is soon going to be a new player in Sin City. James Packer and his Crown Limited were prepared to buy three casinos in Las Vegas, but it now looks as though at least some of that plan has fallen through.

There is a dispute over the Rampart Casino and whether Crown can buy the leasing rights to the casino. If the dispute is not settled, Packer will be left with only two casinos in the state.

The difference between two and three casinos for Packer is significant. He was hoping to make a big splash in Las Vegas, and that would have been accomplished much more efficiently with three casinos.

Crown actually signed an agreement to buy the casinos all the way back in December of 2007. The deal still has not been complete and no money has exchanged hands. The deal is waiting on regulators in Pennsylvania to approve Packer.

Crown is also buying a casino in Pennsylvania and Packer is planning on meeting with the Pennsylvania regulators later this month or early next month. He has already been approved by regulators in Nevada.

If Packer does not work out the details of the third casino, JW Marriott hotel group may hold on to the casino that is located west of the Las Vegas Strip.

January 26, 2009
Posted By Terry Goodwin
Staff Editor, CasinoGamblingWeb.com
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