LAS VEGAS-With one month left to pull the trigger–and having made an estimated $70 million in non-refundable payments–a group of investors has dropped their option to acquire 27-acres on the Las Vegas Strip from Archon Corp. for $475 million.

Crown Ltd. of Australia said Wednesday morning that the option has been terminated and it will write off its $42-million investment in the project and the partnership, LVTI LLC, in which it had a 37.5% interest. The two other partners in the LLC, Texas developer Christopher Milam’s IDM Properties and New York City-based fund manager York Capital Management, could not be reached Wednesday morning for additional comment.

One day earlier, Archon Corp. sent a letter to the partnership terminating the option, according to a filing with the SEC that became available online late Wednesday. Archon cited the partnership’s failure to make a $2.86-million “carry option payment” that was due Monday, June 2, as the reason for the termination.

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