When Steve Wynn purchased the former Alon / Frontier land last month nobody really knew what he was going to do with it. The common thought was that Wynn would sit on the land and save it for development sometime in the distant future.
Turns out Steve wants to build, and build fast. Wynn Resorts wants to develop this land (along with their Golf Course / Paradise Park project) as fast as possible and is going full speed ahead on Las Vegas development.
Wynn will be building a two to three thousand room new hotel on the Alon land in a project they are calling West Wynn. Steve has been thinking about this project for a long time, and always thought he would end up acquiring the property.
The West Wynn property (or is it Wynn West?) will be connected to Wynn proper via an air conditioned walkway over the Las Vegas Strip.
Steve Wynn's bullishness on Las Vegas seems to be sparked by the new tax reform bill, along with the company's strong results in Macau.
With Wynn looking to build, this could be the much needed boost for the North Strip we've been waiting for. If Resorts World and Fontainebleau (now Project Blue) get underway the North Strip could become a lot more exciting.
Showing posts with label Alon. Show all posts
Showing posts with label Alon. Show all posts
Thursday, December 15, 2016
Crown Resorts Abandons Alon
Crown Resorts has indicated they are pulling out of the Alon Las Vegas development. The proposed resort was going to be located on the North Strip across the street from Wynn.
Alon's management team has contented they are still working to find funding. In a press release earlier today they touted the benefit of a turn-key project for a company with deep pockets:
Having invested two years in the program planning, design, development, pre-construction and entitlement process, the Alon resort project has been thoroughly vetted and is considered "shovel-ready."
All they need is $2 billion or so to make it happen.
As much as we would like to see new mega-resorts on the Strip, the math just doesn't add up for some of these new projects.
Existing Las Vegas companies already have enough casinos and hotel rooms. They are increasingly choosing to renovate rather than rebuild.
New companies looking to enter the Las Vegas market can often do so more economically by purchasing existing properties. Penn National did just that by purchasing the Tropicana and M Resort.
Alon's management team has contented they are still working to find funding. In a press release earlier today they touted the benefit of a turn-key project for a company with deep pockets:
Having invested two years in the program planning, design, development, pre-construction and entitlement process, the Alon resort project has been thoroughly vetted and is considered "shovel-ready."
All they need is $2 billion or so to make it happen.
As much as we would like to see new mega-resorts on the Strip, the math just doesn't add up for some of these new projects.
Existing Las Vegas companies already have enough casinos and hotel rooms. They are increasingly choosing to renovate rather than rebuild.
New companies looking to enter the Las Vegas market can often do so more economically by purchasing existing properties. Penn National did just that by purchasing the Tropicana and M Resort.
Sunday, July 19, 2015
Alon 4 Billion Dollar Budget
The Sydney Morning Herald in Australia had a fairly comprehensive article about James Packer and his quest to build a number of casino resorts across the globe in the next few years.
Alon Las Vegas is the resort Packer is involved with stateside. Most of the details about Alon have not been revealed yet, but the article provided this tidbit:
"After announcing plans last year to build the Vegas casino by 2018, Packer has steadily been raiding Wynn's top executives as he looks to challenge the US businessman with an 1100-room integrated resort that could cost the gaming magnate more than $US4 billion."
This is the first time I've seen a budget attached to this project, and I'm somewhat surprised. Four billion seems kind of high for a relatively small resort. The initial renderings of the resort didn't strike me as an ultra luxury property, but those plans are very preliminary.
The luring of XS nightclub expert Jesse Waits is another clue that Alon will be competing for VIP customers. Packer has some ties with Hollywood, so attracting celebrities might be part of the Alon master plan.
Alon Las Vegas is the resort Packer is involved with stateside. Most of the details about Alon have not been revealed yet, but the article provided this tidbit:
"After announcing plans last year to build the Vegas casino by 2018, Packer has steadily been raiding Wynn's top executives as he looks to challenge the US businessman with an 1100-room integrated resort that could cost the gaming magnate more than $US4 billion."
This is the first time I've seen a budget attached to this project, and I'm somewhat surprised. Four billion seems kind of high for a relatively small resort. The initial renderings of the resort didn't strike me as an ultra luxury property, but those plans are very preliminary.
The luring of XS nightclub expert Jesse Waits is another clue that Alon will be competing for VIP customers. Packer has some ties with Hollywood, so attracting celebrities might be part of the Alon master plan.
Friday, June 26, 2015
Alon Las Vegas Resort Planned
Alon Las Vegas is a planned resort on the North Strip. The location will be the New Frontier land between Fashion Show Mall and Resorts World, directly across from Encore Beach Club. The hotel will feature 1100 rooms along with gaming and other integrated resort amenities.
Last year I wrote about billionaire James Packer acquiring the land. His company Crown Resorts will likely be the operator of Alon. Former Wynn executive and MyVegas founder Andrew Pascal is CEO & co-chairman of the project. Former SLS president Rob Oseland has also been recruited to the Alon management team.
Fox 5 Las Vegas had story about the development revealing a few renderings and plans:
Photos: Fox 5 Las Vegas.
Last year I wrote about billionaire James Packer acquiring the land. His company Crown Resorts will likely be the operator of Alon. Former Wynn executive and MyVegas founder Andrew Pascal is CEO & co-chairman of the project. Former SLS president Rob Oseland has also been recruited to the Alon management team.
Fox 5 Las Vegas had story about the development revealing a few renderings and plans:
Photos: Fox 5 Las Vegas.
Sunday, August 03, 2014
James Packer in North Strip Land Deal
Australian billionaire James Packer and his Crown Resorts company are looking at the Las Vegas market again. Packer has reportedly bought a piece of a loan attached to land once occupied by the New Frontier.
Crown Resorts has been successful in other markets around the world including Macau, but Las Vegas has not been as kind.
In 2007 Crown was in a partnership to build a super-tall skyscraper resort on the former Wet and Wild site, but FAA concerns and the tanking economy grounded the project.
Crown also had a minority stake in the failed Fontainebleau project. More recently Packer was said to have expressed interest in buying The Cosmopolitan. That hotel was later sold to Blackstone.
Despite the bad luck in Vegas so far, Crown is one of the largest gaming companies in the world. They need to get a piece of the Vegas market, and their success in Macau and elsewhere has put them in a position to expand.
This is more good news for the north Strip. It's becoming pretty apparent that there's going to be a resurgence in the next few years and companies are going to be jockeying for position to get in on the action.
Crown Resorts has been successful in other markets around the world including Macau, but Las Vegas has not been as kind.
In 2007 Crown was in a partnership to build a super-tall skyscraper resort on the former Wet and Wild site, but FAA concerns and the tanking economy grounded the project.
Crown also had a minority stake in the failed Fontainebleau project. More recently Packer was said to have expressed interest in buying The Cosmopolitan. That hotel was later sold to Blackstone.
Despite the bad luck in Vegas so far, Crown is one of the largest gaming companies in the world. They need to get a piece of the Vegas market, and their success in Macau and elsewhere has put them in a position to expand.
This is more good news for the north Strip. It's becoming pretty apparent that there's going to be a resurgence in the next few years and companies are going to be jockeying for position to get in on the action.
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