Crown Resorts Limited (ASX:CWN) has flagged plans to develop on Las Vegas Boulevard in the US with financial backing from Oaktree Capital.
The casino operator will join Andrew Pascal to create a new resort company who will develop the first project on a new site.
Crown has paid about $US280 million for the vacant and underdeveloped 34.6 acre site formerly occupied by the New Frontier casino.
Chairman James Packer says Crown has always kept its eye on Las Vegas and now has the ideal opportunity to enter the market.
While development plans are still being finalised the company expects to break ground at the end of 2015 and complete the project in 2018.
Crown Resorts generated a net profit of $382.45 million in the first half of the 2014 financial year.
