Vegas Inc. had a story on Friday profiling stalled and abandoned construction projects in Las Vegas.
I was thinking about writing about stalled construction projects a few weeks ago, and these six immediately came to mind:
- Fontainebleau
- Echelon
- St. Regis tower at Palazzo
- Harmon Hotel at CityCenter
- The Shops at Summerlin
- Wyndham Blue across from Rio
The Vegas Inc. story also profiled some lesser known projects:
- ManhattanWest
- Mercer
- Parkline Lofts
- Spanish View Towers
- Uptown
- Vantage Lofts
We didn't really need any more evidence that the Las Vegas real estate market is struggling, but 12 stalled projects really hammers home the point.
UPDATE: August 21, 2015 - I wrote a blog post updating the status of these projects.
Monday, June 27, 2011
Wednesday, June 22, 2011
Maloofs Lose Palms Ownership
The famed Maloof family has had their ownership stake in the Palms reduced to 2%. The hotel's debt was taken over by TPG Capital and Leonard Green & Partners, which will each own 49% of the property.
TPG Capital is one of the owners of Caesars Entertainment, which has prompted speculation that Caesars will take over the Palms and add it to its Total Rewards portfolio. That isn't happening... for now, as George Maloof will remain the operational boss. We'll see how long that lasts.
With the Palms struggling like this, recent demise of the Sahara, and Planet Hollywood being taken over by Caesars, it proves how it's more and more difficult for independent casino operators to survive.
Read more about the Palms restructuring at Business Week.
TPG Capital is one of the owners of Caesars Entertainment, which has prompted speculation that Caesars will take over the Palms and add it to its Total Rewards portfolio. That isn't happening... for now, as George Maloof will remain the operational boss. We'll see how long that lasts.
With the Palms struggling like this, recent demise of the Sahara, and Planet Hollywood being taken over by Caesars, it proves how it's more and more difficult for independent casino operators to survive.
Read more about the Palms restructuring at Business Week.
Monday, June 13, 2011
Rumor - Fontainebleau to be sold for Scrap Metal?
Rumors are floating around that Carl Icahn is thinking about disassembling the Fontainebleau and selling off the scrap metal.
While it might seem insane to take apart a brand new building, it would be a fitting ending to the Fontainebleau story.
On one hand it would be sad, and a little embarrassing to see one of the biggest buildings in Las Vegas go away before it got off the ground. On the other hand, if no one's going to finish the damn thing, then maybe it would be better to take down the eyesore.
Personally I have a hard time believing this rumor to be true. I don't know how much it would cost to employ a team of workers to disassemble a building, but it has to be substantial. I have to hold out hope that the Fontainebleau's value lies in someone completing the building and opening it as originally planned, although that seems more and more unlikely as time goes on.
While it might seem insane to take apart a brand new building, it would be a fitting ending to the Fontainebleau story.
On one hand it would be sad, and a little embarrassing to see one of the biggest buildings in Las Vegas go away before it got off the ground. On the other hand, if no one's going to finish the damn thing, then maybe it would be better to take down the eyesore.
Personally I have a hard time believing this rumor to be true. I don't know how much it would cost to employ a team of workers to disassemble a building, but it has to be substantial. I have to hold out hope that the Fontainebleau's value lies in someone completing the building and opening it as originally planned, although that seems more and more unlikely as time goes on.
Saint John of Las Vegas
I recently watched the movie Saint John of Las Vegas. Based on the title and description of the movie, I was expecting to see some good Las Vegas scenes. I was wrong. The majority of the movie takes places outside of Vegas, and the little Vegas there is - isn't very exciting.
A fairly major plot point involves the main character buying lottery tickets in Las Vegas. Unless there was a recent law change I don't know about, lottery tickets aren't sold in Nevada. While most of the audience probably wouldn't notice or care, this mistake kind of took me out of the movie. I also found it a little strange that someone in Las Vegas would use lottery tickets as his game of choice. Seeing John at a craps table would have been a lot more interesting.
If you're planning on watching Saint John of Las Vegas for the Vegas scenes, you might want to skip it.
A fairly major plot point involves the main character buying lottery tickets in Las Vegas. Unless there was a recent law change I don't know about, lottery tickets aren't sold in Nevada. While most of the audience probably wouldn't notice or care, this mistake kind of took me out of the movie. I also found it a little strange that someone in Las Vegas would use lottery tickets as his game of choice. Seeing John at a craps table would have been a lot more interesting.
If you're planning on watching Saint John of Las Vegas for the Vegas scenes, you might want to skip it.
Rod Stewart and Shania Twain coming to Caesars Palace
Caesars Palace recently announced that Rod Stewart and Shania Twain have both signed on for two-year residencies at The Colosseum.
Rod Stewart will begin shows in August 2011, while Shania Twain wont start until December 2012.
Caesars Palace now has a formidable lineup of musical acts, as Celine Dion, Elton John, Rod Stewart and Shaina Twain will all share The Colosseum over the next few years.
Rod Stewart will begin shows in August 2011, while Shania Twain wont start until December 2012.
Caesars Palace now has a formidable lineup of musical acts, as Celine Dion, Elton John, Rod Stewart and Shaina Twain will all share The Colosseum over the next few years.
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