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Crown/Packer take option on Old New Frontier site

Discussion in 'Casino Industry & Development' started by Someone, Aug 3, 2014.

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  1. Someone

    Someone High-Roller

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  2. UTE

    UTE Plastics

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    Good to hear. Packer's had a tough run in Las Vegas. Not only did he lose big on a handful of failed projects during the Recession, he also has been outbid on recent projects as well. I wonder if this is his way of attempting to prove he can make it in Las Vegas. Let's hope he's right as it raises the tide for all.

    One thing for certain, Trump's resort will surely benefit from the development around it. It'll have the Genting project to the North and now this new development to the East. Right now, Trump looks like an orphan on The Strip with the closest thing to it being the Fashion Show Mall across the street to the South.

    Bill
     
  3. dannyocean

    dannyocean High-Roller

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    This will be interesting to watch.
     
  4. Kickin

    Kickin Flea

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    Interesting it's being backed by Oaktree. These guys are mainly known for being some of the shrewdest distressed debt investors in the business. I've dealt with them on a bunch of deals in Asia and they are smart. This is probably being backed through a real estate or PE fund of theirs but its worth noting they are one of the creditors to CET that filed the notice of default against them a couple months ago. Funny to see them getting more and more involved in Vegas as they have a reputation for being very conservative value driven investors.
     
  5. Someone

    Someone High-Roller

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    the article said Oaktree also took a hit on the failed redevelopment there the first time as well
     
  6. szeszetop

    szeszetop Tourist

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    Also andrew pascal is a partner so elaine wynn could be involved in some manner
     
  7. RiddickBull

    RiddickBull VIP Whale

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    This is exciting. Genting and crown will be invl vegas, more competition.
     
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