Deals
Billionaire Packer Seeking Vegas Return in Oaktree Talks
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Australian billionaire James Packer is plotting his return to Las Vegas after losing almost $2 billion during the 2008 credit crisis from ill-timed North America casino investments.
Packer, chairman of Australia’s Crown Resorts Ltd., is in talks to develop a Las Vegas Strip resort on land once occupied by the New Frontier Hotel & Casino after buying a piece of a loan backed by the property, according to people with knowledge of the matter. He is negotiating a potential deal with other creditors including Oaktree Capital Group LLC, said the people, who asked not to be identified because the talks are private.