Las Vegas Review-Journal
Saturday, June 30, 2007
Friday, June 29, 2007
GAMING 101, LV STYLE: Students from Macau get a taste of how things work on Strip
Las Vegas Review-Journal
Thursday, June 28, 2007
Buyout to rely on securities: Joint venture will tap CMBS market to finance Station buyout
Las Vegas Review-Journal
Tuesday, June 26, 2007
Monday, June 25, 2007
Business Press item
Former Las Vegas Mayor Jan Jones said the floundering Neonopolis suffers from two separate problems: tourists stopping at the edge of the Fremont Street Experience covering and a lack of a permanent population downtown.
"In retrospect, we should have brought the Fremont Street Experience all the way to Las Vegas Boulevard," said Jones, currently Harrah's Entertainment's senior vice president of government relations. "I absolutely believe people perceive safety."
On population, "There is going to come a time when a demand for housing is realized in the downtown corridor and that's when all of this will become vibrant."
Jones added the much-criticized design "has nothing to do" with the mall's problems. She said that the developer made the decision to go ahead and build, not the city, but she defends it as "still the right decision ... just ahead of its time."
Although Neonopolis opened in 2002, Jones had championed the downtown entertainment and retail center in the final years of her term, which ended in 1999, as part of a larger downtown revitalization.
"In retrospect, we should have brought the Fremont Street Experience all the way to Las Vegas Boulevard," said Jones, currently Harrah's Entertainment's senior vice president of government relations. "I absolutely believe people perceive safety."
On population, "There is going to come a time when a demand for housing is realized in the downtown corridor and that's when all of this will become vibrant."
Jones added the much-criticized design "has nothing to do" with the mall's problems. She said that the developer made the decision to go ahead and build, not the city, but she defends it as "still the right decision ... just ahead of its time."
Although Neonopolis opened in 2002, Jones had championed the downtown entertainment and retail center in the final years of her term, which ended in 1999, as part of a larger downtown revitalization.
Friday, June 22, 2007
Thursday, June 21, 2007
Wednesday, June 20, 2007
Monday, June 18, 2007
Business Press item
UP FOR SALE -- While Edge Resorts is out seeking offers and weighing options for the 50 acres of land on Harmon Avenue, another large parcel of land owned by the company has sat quietly for months with a "For Sale" sign planted in the ground.
Edge also owns 62 acres west of Interstate 15 and the Mandalay Bay and has been advertising its sale for the past few months.
According to Edge Resorts spokeswoman Maggie Feldman, while the group is still trying to figure what direction to go with the Harmon parcel - sell outright or develop new partnerships - the company is just looking to sell the I-15 parcel.
The W Las Vegas mixed-use project slated for the Harmon land was canceled May 11 after minority partner Starwood Hotels and Resorts Worldwide pulled out of the project.
Edge also owns 62 acres west of Interstate 15 and the Mandalay Bay and has been advertising its sale for the past few months.
According to Edge Resorts spokeswoman Maggie Feldman, while the group is still trying to figure what direction to go with the Harmon parcel - sell outright or develop new partnerships - the company is just looking to sell the I-15 parcel.
The W Las Vegas mixed-use project slated for the Harmon land was canceled May 11 after minority partner Starwood Hotels and Resorts Worldwide pulled out of the project.
NEVADAN AT WORK: Former Strip casino executive turns to role with nonprofit organization
Las Vegas Review-Journal
Sunday, June 17, 2007
Inside Gaming Column item
Cannery Casino Resorts co-owner Bill Paulos said Pennsylvania's high gaming tax rate prevents developers from investing heavily in casino projects there.
The Las Vegas-based gaming company opened a $50 million temporary racino 25 miles southwest of Pittsburgh last week and is building a $155 million permanent facility.
The state receives a 54 percent tax from gross gaming revenues but the burden to operators is closer to 60 percent when figuring in fees paid to local county and city governments.
"Many of the jurisdictions don't realize that sometimes by charging less taxes they'll get more out of it," Paulos said. "We would have certainly invested more money in building a facility but you just can't get a return on investment."
Las Vegas Review-Journal
The Las Vegas-based gaming company opened a $50 million temporary racino 25 miles southwest of Pittsburgh last week and is building a $155 million permanent facility.
The state receives a 54 percent tax from gross gaming revenues but the burden to operators is closer to 60 percent when figuring in fees paid to local county and city governments.
"Many of the jurisdictions don't realize that sometimes by charging less taxes they'll get more out of it," Paulos said. "We would have certainly invested more money in building a facility but you just can't get a return on investment."
Las Vegas Review-Journal
Wednesday, June 13, 2007
Tuesday, June 12, 2007
A MANOR OF SPEAKING: Designer alters spaces to say 'rock 'n' roll' at Hard Rock Hotel
Las Vegas Review-Journal
Monday, June 11, 2007
Business Press item
UNWANTED BUSINESS: Hey you! Frat kid hauling that cooler of beer to your room with your buddies in tank tops and flip flops, the Hard Rock Hotel is not interested in your business any longer.
Executives from Morgans Hotel Group and the Hard Rock made that point crystal clear during a media presentation June 2 discussing upcoming renovations and other operational changes for the property.
The New York-based boutique hotel operator closed on the $770 million purchase of the Hard Rock Hotel in early February and announced a $600 million renovation in March.
The company said the property has been running at 96 percent occupancy the first few months of ownership but will slowly shift its customer base more toward its boutique hotel customer base.
That includes pricing out those frat boys for a more financially sophisticated customer.
Las Vegas Business Press
Sunday, June 10, 2007
Inside Gaming Column item
Station Casinos opened Sunset Station in Henderson 10 years ago today against a backdrop of uncertainty about the company's future.
At the time, management was battling Missouri regulators and the company's stock price was fluctuating between $8 and $9 per share.
Today, Station Casinos is building its 16th property and is being taken private for $90 a share.
Las Vegas Review-Journal
At the time, management was battling Missouri regulators and the company's stock price was fluctuating between $8 and $9 per share.
Today, Station Casinos is building its 16th property and is being taken private for $90 a share.
Las Vegas Review-Journal
Saturday, June 09, 2007
Friday, June 08, 2007
Sunday, June 03, 2007
Sunday column item
Miami-based developer Masoud Shojaee obtained use permits from Clark County in May to build a large mixed-use development north of McCarran International Airport on the site of the former Tropicana Mobile Home Park.
The yet-to-be-named project is approved for a hotel-condominium-casino with five towers ranging in height from 240 feet to 500 feet.
The 37-acre site on Tropicana Avenue and Koval Lane was bought in May 2005 for $120 million by Shojaee through Alkimya Investments, his Nevada holding company. Shojaee is president of Shoma Development Corp., a residential builder in south Florida.
Las Vegas Review-Journal
Saturday, June 02, 2007
Friday, June 01, 2007
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