Vegas resort planned at ex-New Frontier casino site; Australian mogul, ex-Wynn exec team up

Australian billionaire James Packer and former Wynn Las Vegas President Andrew Pascal say they're teaming up to develop a Las Vegas Strip resort on the site of the former New Frontier casino.

The two announced Monday that they're forming a new company that has acquired a controlling interest in the 35-acre parcel. They said in a statement that they hope to break ground on a resort there in 2015, and expect to complete it by 2018.

The New Frontier opened in 1942 and was known as the site of Elvis Presley's first Las Vegas performance in 1956. It was imploded Nov. 13, 2007.

Packer says his company, Crown Resorts Limited, has successful casinos in Australia, Macau and London and has long sought to enter the Las Vegas market.