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

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

Crown Resorts desires to create a deal for its vacant acreage regarding the Strip simply north of Fashion Show Drive in Las Vegas, but only for the price that is right.

Crown Resorts is attempting to sell its land that was supposed to be the home of Alon vegas, plus the home comes with some neighbors that are rather prominent.

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 massive listing cost has a caveat: the customer is actually just getting ownership in 18.4 acres, while the remaining 16.2 comes area of the package through a lease. That means each acre fully purchased will be sold at $21.7 million.

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

'This is one of the very most exciting properties to become available in vegas in a long time,' CBRE broker John Knott said in a press release.

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

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Should Knott be able to find a buyer for Crown's hom (mais…)

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