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Packer scraps his campaign for tallest casino in Las Vegas

The Australia’s 2nd richest man James Packer has scrapped a $5bn (£2.5bn) campaign to put up the tallest casino in Las Vegas, blaming its failure on financial turbulence arising from the global credit crunch. Packer, who is the second billionaire giant in Australia, has been expanding aggressively in the US to put up on his Crown group's existing casinos interests in Melbourne, Perth and Macau. Crown's venture in Las Vegas, unveiled last year, consisted of a 5,000-room hotel on an 11-hectare (27.5-acre) former water park with the flashy Strip, incorporates a 324-metre (1,064ft) tower, which would have been the highest structure in the desert city. .