Wednesday, June 4, 2008 | 7:04 a.m.
Reuters News Service reports today that the developers of a $5 billion casino in Las Vegas have decided to scrap the project due to tight credit markets, one of the developers, Australia's Crown Ltd., said today. Casino firm Crown, owned by billionaire James Packer, along with Texas developer Christopher Milam and private equity firm York Capital Management had planned to build the tallest tower in Las Vegas as part of the casino complex and 5,000-room hotel project.
Crown Chief Executive Rowen Craigie said following a strategic review it had stopped making payments to the vendors of the former Wet 'n' Wild site at the northern end of the famed Las Vegas Strip.
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