The biggest and
most pretentious construction project in the Las Vegas Strip area is unlikely
to come true. The Crown Tower Las Vegas was originally planned to open in 2011
and it was conceived to be one of the tallest buildings in the whole country
and the highest Las Vegas hotel.
But more lately the plans to finance and build the $5 billion giant are falling
apart.
"We are
removing Crown and its 5,000 rooms from our 2008-2012 development
forecast." wrote Deutsche Bank AG casino analyst Bill Lerner
Now several
media sources have reported that site in where the tallest tower in Sin City was supposed to
be is now for sale. Las Vegas
developers and several Wall Street analysts are sure that the $5 billion
project is dead and buried. Crown Ltd, an Australian gambling company and investor
Christopher Milam joined forces with York Capital Management LLC to develop a 5,000
room hotel and casino on the Las Vegas Strip. Unfortunately the project never
gathered enough funds to begin with the construction works. The group put the
site up for sale last week but also started looking for another equity partner as
an attempt to keep the project alive. Several people already mentioned the names
of several companies located in the Persian Gulf
as one some of the possible investors. Dubai World already invested in Las Vegas after signing a
$5 billion commitment with MGM Mirage for the development of the CityCenter
project.
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