LAS VEGAS, Dec. 15, 2016 /PRNewswire/ -- The founders and developers of Alon Las Vegas will continue to explore all of its options to advance the project and optimize the value for its stakeholders. Crown Resorts, the principal financial and strategic partner of Alon, has elected not to move forward with the Alon Las Vegas project at this time.
The Alon site is the most compelling new development opportunity on the Strip. It is positioned directly across from Wynn Las Vegas and Encore and bordered by Fashion Show mall, Trump Tower and the new Resorts World Las Vegas development. Having invested two years in the program planning, design, development, pre-construction and entitlement process, the Alon resort project has been thoroughly vetted and is considered "shovel-ready."
The Alon Team is comprised of an accomplished and diverse group of industry experts, all of whom remain committed to the project and to realizing the best possible outcome.
Copies of announcements issued by Crown Resorts are available at the Company's website at www.crownresorts.com.au.
SOURCE Alon Las Vegas