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Old Posted Dec 13, 2007, 2:27 AM
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mdiederi mdiederi is offline
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Join Date: Sep 2006
Location: JT
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Yesterday James Packer's Crown Limited bought 100% of Cannery Casino Resorts, for $1.8 billion in cash. The acquisition includes the Cannery in North Las Vegas and the $250 million Eastside Cannery, which is being built to replace the Nevada Palace on Boulder Highway. Cannery also manages the Rampart Casino in the JW Marriott in Summerlin. They also own a temporary casino next to the Meadows Racetrack outside Pittsburgh. The company is building a $155 million permanent facility at the racetrack. The Cannary was 58% owned by Bill Paulos and William Wortman. According to a post on the twowayhardthree blog, Paulos worked for Kerry Packer in the 1990s, and was in charge of the Crown Melbourne when it opened. Paulos and Wortman will stay with the company for at least two years. So it seems these are people Packer already knows and it's his way of getting some experienced Las Vegas management on his team so he'll be ready for the bigger projects on the Strip. And also this way he will be licensed in Nevada way before the Strip properties are finished.