Thursday, December 13, 2007

Aussies Get Canned In Vegas

A Crown in the Can

Las Vegas continues to be invaded by immigrants. Just as many local companies decided to try their luck in the new, hot Asian market, a group from Australia called Crown, Ltd. made a nearly $ 2 billion purchase of the Cannery Casino Resorts. The purchase caught many locals and Vegas watchers a bit off guard as the Cannery recently topped off construction on its newest casino on Boulder Highway, the former Nevada Palace. The Cannery casino opened a few years ago in North Las Vegas, adding to plethora of successful off-Strip neighborhood casinos in the Valley of the Dollars. Shortly thereafter the management team took over operations at the mucho upscale J.W. Marriott casino in Summerlin. The same group is also building a casino next to the Meadows Race Track outside Pittsburgh scheduled to open in 2009.

The fellows from the land of kangaroos are jumping with joy. They have been trying to enter the US gaming market for some time and apparently found their entry with the deal. No word yet on whether they will put a shrimp on the barbie in Cannery restaurants but the outback boys seem to be ecstatic over the deal which will take an estimated 18 months to fully consummate.

The announced deal will not be completed immediately. Gaming licenses must be obtained in Nevada and Pennsylvania. Crown is no stranger to the resort and gaming business. They have a couple of high class joints on their home turf as well as part ownership in casinos in Macau, Canada, and the United Kingdom. But the Cannery and J.W. Marriott casinos will clearly be the Crown jewels.

We predict that the deal will not only bring thunder from Down Under, it will bring marketing of Aussies to Las Vegas in order to gamble in "their" casinos. Crown owner, billionaire James Packer has a bloodline whose DNA runs deep in Las Vegas. His papa was a well known high roller on the Strip. Legend has it that Papa Koala Bear once walked away from the MGM Grand with nearly $ 40 million in winnings over several days. Junior of course plans to be on the other side of the casino cage. A little blogging music maestro... how about "Pennies From Heaven?"

Dr. Forgot

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