[quote]I’m excited to have my hand in crafting something new and fresh for the resurgent
Las Vegas market.” — Andrew Pascal, Co-Chairman and CEO [/quote]
Las Vegas, NV, USA/Melbourne, Australia (August 4, 2014) – Crown Resorts Limited (ASX: CWN) and
Andrew Pascal, former President and COO of Wynn Las Vegas, with financial support from
Oaktree Capital Management L.P. (“Oaktree”), today announced the formation of a new resort
company. In addition, the new company announced its acquisition of a controlling interest in the
34.6‐acre New Frontier parcel on Las Vegas Boulevard, where it will develop its first project.
“For over 25 years, I’ve studied the ever‐shifting Las Vegas landscape,” said Andrew Pascal, Co‐
Chairman, and CEO of the new company. “I’ve always been inspired by this city’s capacity for
reinvention.
James Packer, Chairman of Crown Resorts Limited, and Co‐Chairman of the new company said,
“You can’t be in the gaming industry and not have a special reverence for Las Vegas – that’s
where it all began. As we have built Crown Resorts into a thriving international company with
successful casino ventures in Australia, Macau, and London, we’ve always kept our eye on Las
Vegas. And while we fell short in past attempts to enter that market, we now have the ideal
opportunity ‐ with a great local partner in Andrew, a leading financial investor in Oaktree, and
the perfect piece of property.”
Bruce Karsh, President of Oaktree said, “We acquired our interest in the storied Frontier site
because we believed it was the best piece of undeveloped land on the Las Vegas Strip. When
Andrew approached us and shared his vision for the site and his partnership with Crown, we
were eager to reinvest a portion of the proceeds from our debt investment and become an
equity partner in their exciting new venture.”
While the plans for the new development are still being finalized, the company expects to break
ground in the latter part of 2015 and complete the project in 2018.
The property is adjacent to the location of Genting’s Resorts World Las Vegas, currently under development.
Photos of Crown Melbourne may not be representative of final Las Vegas property. Photo credits top to bottom: Lightswitch, Crown Resorts, Google
