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Crown Limited Bails From Milam's Wet (N Wild) Dream

By Chuckmonster on Wednesday, 4th June 2008 3:35am
  » filed under Mergers & Acquisitions  comments: 2


Australian casino and publishing magnate James Packer - half of the brain trust that built one of the most exquisite casino hotel properties I've ever had the sheer pleasure to visit, the Crown Towers, Taipa - has pulled an Al Czervik and dropped anchor on Christopher Milam's Wet N Wild casino dream.

The project - which at the height of it's hype was touted as being one of the tallest towers ever built - had it's hopes of getting proper financing washed away in the flood of foreclosures fueled fear in the credit market. Crown Limited has elected to cut $42.1 million dollars worth of bait, and simply walk away from the planned Crown Las Vegas.

Not but three months ago, I mentioned on one of the earliest Vegas Gang podcasts that Crown Las Vegas was the future property I was looking forward to the most, mostly based on the aforementioned Crown Macau.

At least their construction hadn't... uh... dug 200 feet into the ground and built about 30% of it's super structure before the plug got pulled leaving a pile of slowly rusting steel obscuring the view of incredibly expensive condos...*ahemCOSMOPOLITAN*.

I guess now its time to wait for the other shoe to drop - Milam finally defaulting on the payments - then the ensuing prognostication over which vultures will circle and/or strike.



Comments & Discussion:

Haha. I love the Caddyshack reference. Nicely done.

"So What?!? So Let's Dance!"
(insert Journey song here)

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