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Crown has ‘closed that chapter’ on Wet ’N Wild project

Arnold M. Knightly
January 8, 2009 - 11:17 am
 

Don’t look for casino investor and billionaire James Packer to jump back into a joint venture to develop the old Wet ‘N Wild site.

Rowen Craigie, CEO of Australia-based Crown Ltd., told gaming regulators the company is no longer involved with a proposed 1,064-foot hotel tower on the Strip, adding Crown “has closed that chapter.”

Texas-based developer Christopher Milam entered a new agreement in late December to acquire the 27-acre site for $618 million, or $22.9 per acre.

Crown had a 37.5 percent share, acquired for $22.5 million in 2007, in a joint venture to acquire the land for $475 million and build a $5 billion Crown Las Vegas, before the land option expired in June.

Craigie told regulators the company has written down that investment.

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