$2 Billion Alon Project In Vegas Still Going Ahead
By Bob Garcia
The Alon project on the Las Vegas strip has run into problems in recent weeks due to financing issues, but the top executives involved in the new resort have come out in force to say that although they might be down at the moment, they are definitely not out, and that the project is going ahead, albeit at a slower timeline than the one that they might have originally wanted.
The CEO of Alon Las Vegas, Andrew Pascal, told the Las Vegas Review-Journal that the estimated $2 billion project has been unaffected by the sale of James Packer’s shares in Crown Gaming and that the slower pace of things going forward were more general difficulties involved in such a huge project than any one single factor. He said that the financing is generally complicated in any situation like this.
Crown Gaming owns the site alongside Andrew Pascal and Oaktree Capital, having purchased the 25 acres of land, once home to the Frontier, in 2014. The aim was to put up a new mega casino resort made up of two towers and over a thousand rooms. James Packer’s shares in Crown Gaming were sold earlier this week, giving him less than a 50 percent share in the Australian company and leaving the future of the Alon project open to question. Packer has also been struggling to raise the debt needed for the project.
Despite all this, Pascal says that the project is still happening and that Crown is still involved.