Las Vegas Casino Development Scrapped

A $5 billion Las Vegas casino development that would have built the tallest tower in the city and incorporated a 5,000-room hotel has been scrapped due to tight credit markets. The project, a joint development of Casino firm Crown and private equity firm York Capital Management set for the former Wet 'n' Wild site at the northern end of the Las Vegas Strip, was abandoned after a strategic review.

"The recent upheavals in world credit markets have made it increasingly difficult for Crown and its partners to develop a commercially viable project on what remains an attractive location on the Las Vegas strip,"
Crown chief executive Rowen Craigie said in a statement.

Crown said it would write off its $42 million investment in the project.