June 10 (Bloomberg) -- Crown Ltd., Australia’s largest casino owner, wrote down the value of its 19.6 percent equity stake in Fontainebleau Resorts LLC to zero after three units of the U.S. developer filed for bankruptcy.

The carrying value of $22 million of debt in Fontainebleau is also expected to be written down to nil, the Melbourne-based company said in a statement today. Crown has no plans or obligations to contribute further cash to Fontainebleau, it said.

Chairman James Packer spent $250 million acquiring the stake in 2007 as part of the U.S. developer’s plans to build a 63-story resort and entertainment complex on 25 acres on the Las Vegas Strip. It’s the second writedown on the holding this year as the U.S. recession leads gamblers to curb travel to Nevada.

Las Vegas Strip casino gambling revenue fell 12.3 percent in March from a year ago, after slumping 23 percent in February and 15 percent in January, according to the most recent data from Nevada’s Gaming Control Board.

The units to file for bankruptcy are part of Fontainebleau Las Vegas LLC which is building the Nevada resort. They aren’t involved in the namesake hotel in Miami, Crown said.

Fontainebleau Las Vegas LLC filed a $3 billion lawsuit against Bank of America Corp. and other lenders in April after they declined to provide the hotel operator with $800 million in funding.

Crown shares rose 6 cents to A$7.70 at the 4:10 p.m. close of trading in Sydney. The announced was made after the market closed.

Crown’s U.S. investments include minority stakes in Fontainebleau, Harrah’s Entertainment Inc. and Station Casinos Group.

To contact the reporter on this story: Robert Fenner in Melbourne rfenner@bloomberg.net

Last Updated: June 10, 2009 05:17 EDT