Packer and Pascal Purchase New Frontier Parcel
Melbourne based Crown Resorts LTD announced on Monday August 4, 2014 that they have entered into an agreement with former Wynn Resorts President and COO Andrew Pascal and Oaktree Capital Management L.P. (holders of defaulted mortgage) to purchase the 34.6 acre former New Frontier parcel on the Las Vegas Strip for $280 million USD.
The press release - in content and structure - is thoroughly fascinating.
After the initial paragraph announcing the deal, the first quote - historically the grand beaming words of the projects proud parent - is from Andrew Pascal.
"For over 25 years, I've studied the ever‐shifting Las Vegas landscape," said Andrew Pascal, Co‐Chairman, and CEO of the new company. "I've always been inspired by this city's capacity for reinvention. I'm excited to have my hand in crafting something new and fresh for the resurgent Las Vegas market."
Once more for emphasis:
Co-Chairman and CEO of the new company
James Packer is up next...
And while we fell short in past attempts to enter [the Las Vegas] market, we now have the ideal opportunity - with a great local partner in Andrew, a leading financial investor in Oaktree, and the perfect piece of property."
Partner. Not employee. Andrew Pascal isn't anybody's employee.
Lastly, Oaktree's President Bruce Karsh (Oaktree is the holders of El Ad's defaulted mortgage) said:
When Andrew approached us and shared his vision for the site and his partnership with Crown, we were eager to reinvest a portion of the proceeds from our debt investment and become an equity partner in their exciting new venture.
With cunning creativity and the ability to craft a deal between a billfold and a bondholder, the student not only became a master... he challenged his master to a knife fight in the middle of Las Vegas Boulevard.
While the plans for the new development are still being finalized, the company expects to break ground in the latter part of 2015 and complete the project in 2018.
This. I fucking mean THIS folks. THIS. THIS right here is the reason why I LOVE the Las Vegas casino business. No hype, no adjectives, no bullshit financing or empty promises - just a crusher of a deal served with a side order of blood feud revenge.
I, for one, can't fucking wait to eat at Elaine's on opening night.
And don't miss the Vegas Gang episode with Andrew Pascal, 12/19/2013.
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