Crown Resorts are all set to expand into the Las Vegas casino market as investors predict they will soon invest in the three year old casino and hotel complex The Cosmopolitan of Las Vegas, currently owned by Deutsche Bank.
This latest investment comes on the back of a worldwide expansion plan from the Australian company, with casinos being built in Sri Lanka and the Philippines at the moment. The company has also looked into the possibility of launching an online casino in Australia, although this hasn’t proceeded far as of yet.
Second attempt for Crown
This is Crown’s second attempt to break into the US market, after their original acquisition of the Cannery Casino Resorts in 2007. Then, they spent $1.75 Billion on the chain, although that only lasted two years, with the Australian company instead buying just 24.5% of the company.
Crown have also launched a drive for new casinos in Australia, bidding for a new casino in Brisbane to go with their other resorts across the continent.
They had another boost recently, too, after winning the right to operate a VIP gaming facility in their Sydney casino. Australian gambling laws can be tough to crack sometimes, and this move was a long time in coming, so the company greeted the granting of the license in very positive fashion.
With their expansion plans, perhaps Packer is hoping to challenge Sheldon Adelson’s Las Vegas Sands Corporation at the top of the gambling tree. It will take more than just one Las Vegas casino to do that, though.