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Crown's Las Vegas casino site up for sale-report

SYDNEY, March 31 (Reuters) - The site of a $5 billion casino project in Las Vegas has been put up for sale after the development group, which includes Australia's Crown Ltd CWN.AX, failed to come up with increased equity demanded by lenders, the Wall Street Journal reported.

Crown, owned by billionaire James Packer, along with Texas developer Christopher Milam and private equity firm York Capital Management, had planned to build the tallest tower in Las Vegas as part of the casino complex and 5,000 room hotel project.

The development team is searching for another equity partner to keep the project alive, the report said, citing sources with knowledge of the situation.

“Unable to come up with the increased equity demanded by lenders, developers last week put the site up for sale with CB Richard Ellis Group Inc and Goldman Sachs,” the Journal reported. (Reporting by James Thornhill, editing by Wayne Cole)

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