Crown and its partners have given up plans for a $5 billion (£2.5 billion) development on a 27-acre site on the Las Vegas Strip, purportedly due to problematic credit-market conditions.
The company had planned to build a hotel-casino complex with 5,000-rooms, which at 324-metres would be the highest skyscraper on the Las Vegas Strip.
However, they have decided to write off their $42.1 million investment after conducting a strategic review of the project and deciding it was becoming increasingly difficult to justify financially.
In a statement to the Australian Stock Exchange Rowen Craigie, Crown chief executive, said: "The recent upheaval in world credit markets has made it increasingly difficult for Crown and its partners to develop a commercially viable project"
Due to the difficulties in the US many casinos are branching out across the world, particularly to China's Macau, which doubled its number of slot machines and gaming tables in the past year, according to the Motley Fool.
Crown and its partners have given up plans for a $5 billion (£2.5 billion) development on a 27-acre site on the Las Vegas Strip, purportedly due to problematic credit-market conditions.