Wednesday, July 15, 2009

Crown rejects Vegas investment speculation - 6th April 2009

Casino operator Crown said today it was not in talks with MGM or Dubai World in relation to any potential investment by Crown in the City Center development in Las Vegas.

“It is Crown Ltd's policy not to comment on speculation,” Crown said today.

“However, as there has been widespread media speculation over the weekend that Crown is considering a direct investment in the City Center development in Las Vegas, Crown is making an exception to its policy.

“Crown is not having any discussions with MGM or Dubai World with respect to any such investment in City Center.”

The Wall Street Journal reported over the weekend that Crown was considering taking a stake in the $US8.6 billion City Center project, which is owned by MGM Mirage and Dubai World.

Crown chairman James Packer was said to be in talks about a possible investment in City Center with Los Angeles-based investment firm Colonial Capital.

The City Center development, which is scheduled to open late in 2009, comprises a 4,000 room gaming resort, luxury hotels, residential buildings, and a retail and entertainment district.

Dubai World is suing MGM Mirage over alleged cost overruns and mismanagement of the City Center project.

Crown shares were unchanged at $6 at 9.15am. (Credit: AAP)

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