Melbourne, Australia – August 4, 2014 – Crown Resorts Limited (ASX: CWN) and
Andrew Pascal, former President and COO of Wynn Las Vegas, with financial support from
Oaktree Capital Management L.P. (“Oaktree”), today announced the formation of a new resort
company. In addition, the new company announced its acquisition of a controlling interest in the
34.6‐acre New Frontier parcel on Las Vegas Boulevard, where it will develop its first project.
“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.”
James Packer, Chairman of Crown Resorts Limited, and Co‐Chairman of the new company said,
“You can’t be in the gaming industry and not have a special reverence for Las Vegas – that’s
where it all began. As we have built Crown Resorts into a thriving international company with
successful casino ventures in Australia, Macau, and London, we’ve always kept our eye on Las
Vegas. And while we fell short in past attempts to enter that 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.”
Bruce Karsh, President of Oaktree said, “We acquired our interest in the storied Frontier site
because we believed it was the best piece of undeveloped land on the Las Vegas Strip. 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.”
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.

 

About Andrew Pascal
Andrew is an accomplished entrepreneur and business leader with more than 20‐years
experience in the luxury hospitality and leisure entertainment industries. During that time, he
founded and built businesses that delivered innovative solutions to the land‐based and digital
casino industries. Andrew has worked extensively in both Las Vegas and the San Francisco Bay
Area, and he brings to his new resort venture a unique blend of entrepreneurial passion, creative
insight, and operating discipline.
For Andrew Pascal:
Kirvin Doak Communications
Dave Kirvin,
702‐737‐3100
CROWN RESORTS
About Crown Resorts
Crown Resorts is one of Australia’s largest entertainment groups. It has businesses and
investments in the integrated resort and entertainment sectors in Australia and Macau and
wholly‐owns and operates a high‐end casino in London.
In Australia, Crown Resorts wholly‐owns and operates Crown Melbourne in Victoria and Crown
Perth in Western Australia. In the United Kingdom, Crown wholly‐owns and operates Crown
Aspinall’s, a high‐end casino in Mayfair, London. In addition to Crown’s wholly owned assets,
Crown holds a 33.6% equity interest in Melco Crown Entertainment Limited, an operator of
integrated resorts in Macau. It also has a portfolio of other gaming investments which are
complementary to its other businesses. For additional information, please visit the Crown
Resorts website at www.crowresorts.com.au.
For Crown Resorts:
Natasha Stipanov
Communications and Corporate Affairs ‐ Crown Resorts
+613‐9292‐8671

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One Response

  1. Kenneth Ward

    I am glad to hear of this joyous occasion for all parties involved . I wish them loads of luck .

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