Australian casino mogul James Packer is currently in talks with Las Vegas developers to possibly make his return to the City of Sin. Industry insiders state that Packer is currently negotiating with the owners of the New Frontier Hotel & Casino over possible acquisition of the property. This will be the first time that Packer will be returning to the American land-based gambling market after his investment in the Fontaine Blue.
It was an ill-timed investment, as the project was eventually foreclosed upon. Since then, Packer also attempted to purchase the Cosmopolitan casino. He was in talks with the developers for quite some time, but the property was sold to another casino operator in the end. Packer has made huge waves in the international gambling market.
Although his gambling firm is based in Australia, Packer has spent the past few years entering international markets, such as Macau and Manila. So, it would make sense that Packer wants to expand into America. Macau continues to reign as the most successful and profitable gambling capital in the world, outperforming Las Vegas. The City of Sin has been suffering for quite some time, due to the global recession.
Still, it remains an international tourist destination, and we are already seeing signs of recovery. The rumours of the Frontier acquisition come at the same time as Packer continues to make plans to enter Japan’s casino market. The country is currently considering a legislation that will legalise casino gambling across the country in time for the 2020.
Packer seems to be the one of the front runners for a Japanese casino license, and the outlook is promising. The Frontier casino deal in Las Vegas is still in its initial stages, so little is known at the moment. We will keep you posted as further developments emerge.
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