In a move which many had predicted some time ago it has been announced that plans by Crown Ltd to build the world’s tallest casino have been derailed. While the project has been many months in planning it seems that the current chaos in the world money markets has derailed the project, with many backers being scared off by the A$52 billion price tag.
Crown Ltd, a leading casino operator in Austral-Asia, is backed by billionaire businessman James Packer and has been looking to create a major presence in Las Vegas for some time. While the current ambitious plans are on hold there is every chance that they will ‘try again’ when the economic situation clears up. So what next for Crown Ltd and Mr Packer?
While Mr Packer has a similar reputation to that of his father, he makes things happen, there seems little even he can do step up the expansion plans of Crown Ltd. Even though the industry itself is holding up better than many had predicted, there is still insufficient finance and confidence in the markets to fund projects at the larger end of the scale. The next few months may well see a period of consolidation for Crown Ltd and James Packer.
In a move which many had predicted some time ago it has been announced that plans by Crown Ltd to build the world’s tallest casino have been derailed. While the project has been many months in planning it seems that the current chaos in the world money markets has derailed the project, with many backers being scared off by the A$52 billion price tag.