CASINO

Details leak on Crown Resorts’ Las Vegas Strip property

TAGs: andrew pascal, crown resorts, James Packer, Las Vegas, Rob Osleand

James Packer to open resort casino in Las Vegas StripPlans for a new resort headed by Crown ResortsJames Packer and former Wynn Resorts president Andrew Pascal on the north end of the Strip have been disclosed.

Details came out after Alon Leisure Management LLC filed papers with Clark County in May for various permits and land entitlements. The partnership includes Packer and Pascal as co-chairs along with investment firm Oaktree Capital Management as an equity partner.

Plans showed a two-tower, 1,100-room project called Alon Las Vegas to be built on the vacant 34.6-acre site just north of Fashion Show mall, where the New Frontier once stood. Packer’s group acquired the property almost a year ago.

The architectural drawing shows that two buildings will be built—the VIP Tower and the Resort Tower–as well as the villas, the “Black Box Theater,” a nightclub, a ballroom and a pool. Other details such as the property’s main features and amenities and the cost estimate were not disclosed.

During Pascal’s interview on Thursday, he said that he’s not happy that plans leaked before the company was ready to unveil the project themselves but confirmed that he and his partners have spent the past 11 months putting the operation together and maturing the plans for the hotel-casino.

“We are building a team of seasoned industry operators, entrepreneurs and global designers who bring a fresh, new approach to what we think the future of Las Vegas should be,” Pascal said.

Additional details are expected to be released in July.

Former President Rob Osleand of SLS Las Vegas also announced that he joined the Alon Las Vegas project when he left his position in October.

“Rob and I have worked together for over 25 years,” said Pascal. “We have put together a tremendous team.”

In 2007 the 35-acre parcel along with the New Frontier casino was purchased by two Israeli companies for over $1.2 billion with plans to build a $5 billion hotel casino, but the economic downturn scuttled the project.

After previous attempts to enter the Las Vegas market, Packer finally succeeded with a $260 million stake in the Strip property. When the partnership was announced in August 2014, it was revealed that construction would begin this year with an estimated completion date of 2018.

Adjacent to the Alon Las Vegas site is Malaysia-based Genting Berhad’s $4 billion Resorts World Las Vegas, which broke ground in May and is scheduled to open mid-2018.

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