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Crown Resorts Looks to market Las Vegas Property for $400 Million

Crown Resorts wants to make a deal for its vacant acreage on the Strip simply north of Fashion Show Drive in nevada, but only for the right price.

Crown Resorts is offering its land that had been said to be the house of Alon vegas, while the home comes with some instead prominent neighbors.

In late 2016, Crown announced it was abandoning Alon, a planned casino that is 1,100-room across from Wynn Las vegas, nevada. The hospitality that is australian entertainment conglomerate is now looking to offer the 34.6 acres where the project was to be built for $400 million.

And the listing that is massive includes a caveat: the client is actually only getting ownership in 18.4 acres, once the remaining 16.2 comes area of the package through a lease. Meaning each acre fully bought will be sold at $21.7 million.

CBRE Group, a realty firm that recently executed the Las Vegas Raiders’ land purchase, is listing the property. The commercial realtor says the Alon location warrants the cost.

‘This is certainly one of the very most exciting properties to become available in Las vegas, nevada in a time that is long’ CBRE broker John Knott said in a press release.

Crown Resorts’ shareholder that is largest stays its founder, James Packer. The billionaire resigned from serving as chairman in August of 2015, but remains an active director.

Crowning Achievement

Should Knott manage to find a buyer for Crown’s home, the purchase would Continue reading