Crown Ltd (ASX:CWN) which holds a significant interest in Melco Crown Entertainment, a Macau casino joint venture led by James Packer, plans to build a $2.3 billion casino resort.
Melco Crown signed a $US 360 million deal to gain control of the Macau Studio City project according to a report by The Australian.
Construction is scheduled to start early next year.
The development will be one of the last quality sites available in Macau. The deal puts an end to three years of delay.
In the first half of its 2011 financial year Crown reported a net profit of $153 million.
