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Australian company won't proceed with Vegas Strip resort

Posted at 2:32 PM, Dec 15, 2016
and last updated 2016-12-15 17:32:28-05
An Australian company says it won't proceed with a project for a 1,100-room hotel-casino on the Las Vegas Strip.
Crown Resorts Ltd. announced Thursday that it's discontinuing its Alon project after reviewing funding alternatives over the past two years. The company said it's considering the possibility of an outright sale.
The Alon project was born from a partnership between billionaire Australian hotelier James Packer and former Wynn Las Vegas President Andrew Pascal.
Developers submitted plans in 2015 for two hotel towers on a 35-acre parcel where the now-imploded New Frontier casino once stood.
At the time, they predicted they would break ground in early 2016 and open the resort in late 2018.
Thursday's announcement was one of several Crown says will redirect the company's investments to better benefit shareholders