Crown buys Vegas site for $US280m

James Packer makes long-awaited play for Las Vegas with assistance of Oaktree Capital.

Crown Resorts (CWN) is set to expand into Las Vegas after confirming the purchase of a vacant site for approximately $US280 million ($A300.46), in partnership with distressed debt investor Oaktree Capital.

The 34.6 acre site on Las Vegas Boulevard was formerly occupied by the New Frontier casino and was acquired through a foreclosure auction, Crown said.

Crown chairman James Packer said the group has "always kept our eye on Las Vegas".

"While we fell short in past attempts to enter that market, we now have the ideal opportunity," Mr Packer said.

Crown will establish a new company to develop the project, run by Andrew Pascal, an entrepreneur in the digital and land-based casino industry.

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