8/23/2023 0 Comments James packer las vegas![]() ![]() New Vegas ventureĪs Mr Packer rolls the dice on a new Las Vegas venture, the legal settlements spare him the potential embarrassment of being called to the witness dock to defend allegations – strenuously denied – that he and his US business partners misled investors on the failed Fontainebleau Resort project.Īs part of Mr Packer's long-held dream to enter the famous $US7 billion Las Vegas casino market, the Melbourne-based company invested $US250 million in its 19.6 per cent stake in the Fontainebleau Resort joint venture in 2008. Insurers for the parties being sued, including Crown's former US business partners controlling the development, will pay almost the entire bill, according to the bankruptcy agreement.ĭespite settling its part of the case last year, Crown was dragged back into the proceedings because one of the other defendants, ULLICO, had refused to sign the settlement.Ī person close to the case said ULLICO's hold-out had technically left Crown to be a side-case party to the dispute, even though the plaintiffs had settled with Crown last year. The legal settlements related to the failed Fontainebleau Resort development spare James Packer the potential embarrassment of being called to the witness dock to defend allegations that he and his US business partners misled investors. The plaintiffs, who lost about $US700 million in loans to the project, settled the matter out of court in return for $US98 million. ![]() The long-running legal saga related to James Packer's failed Las Vegas casino investment from six years ago has finally ended, with hedge fund financiers winning a settlement of more than $100 million over the bankruptcy.Īlthough Mr Packer and his company, Crown Resorts, confidentially settled their part of the dispute with creditors last year, the final court fight involving his former American business partners only wound up on Tuesday.Ī Nevada state court agreed to the request of about 50 investment funds to dismiss their claims against shareholders in the $US2.8 billion ($3.5 billion) Las Vegas Fontainebleau Resort project that was rendered bankrupt in 2009.
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