James Packer's Crown has emerged as a potential white knight for the most expensive, privately funded construction project in US history, a $US8.6bn ($A13.4bn) Las Vegas hotel and casino development known as CityCentre.

Crown is believed to have reunited with former business partner Colony Capital to invest in the ailing, partially built project, which is owned by US casino giant MGM Mirage and Dubai World.

If successful, the MGM investment would be only the second where Crown has been able to fulfil its ambitions to invest a sizeable amount in Las Vegas casinos, without the deal falling over.

The Age