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Australian billionaire James Packer's ambitious plan to create the world's tallest casino in Las Vegas has come to a grinding halt.
Financiers have failed to come in behind the project.
Crown Ltd, of which Mr Packer owns 38 per cent, yesterday announced that plans to build a A$5.2 billion casino with American partners had been thwarted by the global credit crunch.
The decision to pull the plug comes after the plan to transform an empty block of land into a casino and hotel development was effectively put on hold about three months ago, the Sydney Morning Herald reported today.
Crown had a 37.5 per cent stake in the joint venture, with partners including a Texan developer and US private-equity firm York Capital Management, the report said.
Crown also owns three smaller, more low-scale casinos on the outskirts of Las Vegas.
