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strip: Las Vegas sees first out-migration in hundred years - 03/29/10 06:08 PM
Southern Nevada was hailed as the boomtown USA just a few years ago. Those days as many as 54,000 people annually moved into the area from all corners of the country. They came here for jobs and the climate and the good old-fashioned excitement of being able to live in Sin City dominated by the gaming industry and everything that comes with it. The phenomenal growth was partially fueled by affordable housing which was soon followed by more relaxed mortgage underwriting standards that eventually opened the floodgates to an unsustainable real estate boom. And then came the bust. The effects (11 comments)
strip: Fontainebleau Las Vegas on schedule for late 2009 opening - 01/04/09 06:47 PM
To see the mega resort going up next to Turnberry Place on north Strip is proof that the city is still breathing despite the severe economic and financial challenges the country is currently experiencing and now also affects Southern Nevada. Another bright spot here was the recent opening of Encore, a sister luxury property to Wynn Las Vegas. Fontainebleau is a huge $2.9 billion project that will add around 3,800 chic guest flats and suites, among other city-specific trend-setting amenities, to the Strip's already hefty inventory, the signature tower soaring 63 stories above this Southern Nevada desert oasis. Over 1,000 (2 comments)
strip: Las Vegas has more to offer than a snowed-under real estate market - 11/18/08 09:12 PM
Conversations regarding Las Vegas used to be about the rapid growth here, new dazzling resorts going up on the Strip, relentless summer heat and how many Cirque du Soleil shows the town can actually accommodate. That was fun then, a few years ago. Now the talk is largely about home values nose-diving, mortgage foreclosures and empty luxury condominiums unable to find new owners. All anyone can say is; how quickly the mood can change. Yet, it's not all gloom and doom in Southern Nevada. Consider this. AAA just announced its latest Five Diamond Award winners in restaurants and hotels and a (11 comments)
strip: CityCenter condos could play a key role - 08/07/08 06:34 PM
Just a few days ago MGM Mirage reported that it is about to wrap up financing for its huge CityCenter project on the Strip. The total cost of the development is tagged at $9.2 billion and it still needs about $3 billion to cover the rest of the construction. According to the company it could have secured the funds earlier but balked at the supposedly unfavorable terms. The commercial finance market is getting tighter by the day, going the way the residential mortgage market already is. If the banks are willing to lend commercially in Las Vegas, their terms will reflect (6 comments)
strip: The Palazzo Las Vegas is LEED - 04/14/08 06:57 PM
The Palazzo resort, a recently-opened Las Vegas Sands creation on the Strip, is much more than a deluxe all-suite hotel tower, large casino, upscale shops and several gourmet dining spots under one roof. A few know that it is also in the forefront of eco-friendly design not only in town but also internationally. The U.S. Green Building Council just labeled it the largest LEED, or Leadership in Energy and Environmental Design, certified building in the whole world. It earned the institute's silver certificate with its energy-saving design, construction and everyday technologies. To incorporate all that into a 50-story structure with 3,000 (4 comments)
Another Strip project was taken off the table as the struggling mortgage and real estate markets continue inflicting pain on condominium and resort developments here. The pace seems to be steady now for these types of casualties, for the moment at least. Recently Plaza Las Vegas was shelved and Cosmopolitan, too, is in life support. Crown Las Vegas is the latest victim of the brutal market conditions. It was to be built on land just south of the Sahara with the original design calling for 5,000 condo and hotel units in a 142-story super tower and a large casino. It was going (4 comments)
strip: CityCenter by MGM Mirage spiffs up with art - 03/11/08 12:26 AM
CityCenter has for some time made nice-sized headlines with the scope of the mammoth project and its upward-revised $8 billion price tag. This cost figure will buy the gaming giant one of the most unique resort experiences in the world of leisure and entertainment. The small city within Las Vegas will feature a large casino, standard condominiums, condo hotels, a wide variety of retail and dining space, thousands of hotel rooms of course and a convention facility. With that package it deserves to be called a city-within-a-city. CityCenter wants to do more, however. Any major city worldwide can display a fair dose (6 comments)
strip: Cosmopolitan condos back in business - 03/02/08 12:34 PM
A few weeks ago Cosmopolitan was walking on thin ice after the development's lender Deutsche Bank served it a notice of default. Despite the currently low mortgage rates the condominium segment in Las Vegas is slogging through an over-built and soft market. Cosmopolitan fell victim to these trying circumstances, as have so many other similar projects. Since receiving the dreaded default notice the developer went to work in a bid to save the $3 billion undertaking on the Strip. And apparently his efforts paid off. Global Hyatt Corp., already a small stakeholder, and Marathon Asset Management have decided to join the project (6 comments)
strip: Off-Strip hotels attract conventions - 02/24/08 01:01 PM
Las Vegas is all about the Strip. Everybody knows what the Strip is, and means. To many visitors it's the only game in town, and why not? There certainly is within walking distance a whole slew of things to do, day and night. Lately, though, several outlying properties in the valley have deftly created a niche market for themselves, not so much in gaming and entertainment, but in conventions. That business nowadays plays a major role in the city's diversifying economy, bringing in huge revenues every year. Among them are JW Marriott Las Vegas, Green Valley Ranch Resort in Henderson, South (5 comments)
strip: CityCenter condos selling briskly - 01/18/08 12:44 PM
MGM Mirage's CityCenter is a massive entertainment and residential enterprise located right on the Las Vegas Strip south of Bellagio. Construction is moving forward on schedule and the project is estimated to open its doors in November of 2009. The development will have a total of 2,650 luxury condominiums in four separate buildings, namely in Veer Towers, Mandarin Oriental, Vdara Condo Hotel and Harmon Hotel. About half of the available units have been sold to date which has produced $1.63 billion in revenue, nearly 60% of the total projection at sell-out. Please click on the link in this paragraph to read the (8 comments)
Famous corporate raider Carl Icahn is one step closer to selling a company under his control, the American Casino & Entertainment Properties, as the Nevada Gaming Control Board recommends the transaction for approval. The buyer is Whitehall Street Real Estate Funds, an affiliate of the Wall Street powerhouse Goldman Sachs. The sale is set to close in February. American Casino operates locally the Stratosphere and two Arizona Charlie's gaming houses in the suburbs and also the Aquarius at the southern tip of Nevada in Laughlin. For the near term, Whitehall Street plans to spend about $54 million in upgrades and additions (8 comments)
Las Vegas is evolving at a rapid pace. New mega resorts are sprouting up across the Strip and established properties are busy constructing additional towers and facilities. If an existing hotel wants to stay on the cutting edge in this environment, it has to grow and invent. Competition demands that. Staying put for too long will definitely hurt. Hard Rock Hotel knows the game and has started a $750 million expansion and upgrade project. Its new owners, a joint venture between Morgans Hotel Group and DLJ Merchant Banking Partners, want to maintain the well-known property's pizzazz and hip-crowd appeal. To start (4 comments)
Locals and visitors to Las Vegas do know that fine dining has in recent years made strong inroads into the city's restaurant milieu. Most of them are located in the Strip resorts or their adjacent shopping emporiums. The historically affordable meal remains available, it's the gourmet edition that has been added to the global menu. With fine dining comes higher prices is the assumption. The Zagat Guide for Las Vegas proves that correct with a firm assertion. In its latest edition Las Vegas moves to number one for the most expensive restaurant city in the nation. Average meal here costs now $44.44 (8 comments)
strip: Las Vegas arena race is on - 12/12/07 05:53 PM
Sin City is working diligently to bring a professional sports franchise to Southern Nevada. Whether it can support one at this stage is a different matter. The other thing is that the city presently lacks a modern arena to house such a team. Thomas & Mack on UNLV campus seems to have what it takes, yet when the new sports palace is being discussed, the university facility isn't even mentioned as an option. Now there are two separate stadium proposals on the drawing board. One is by Anschutz Entertainment Group, or AEG, and Harrah's Entertainment and the other by REI Neon/ Warburg (2 comments)
strip: UNLV celebrates 50th anniversary with a book on its history - 12/07/07 03:53 PM
Las Vegas is better known globally for its superb entertainment, colorful nightlife and diverse gaming than for higher education. Even though the city's history has been previously chronicled in a host of books, their emphasis has been rather one-dimensional, basically covering all matters related to the Strip. Perhaps so because it's called the Entertainment Capital of the World. The 50thanniversary has helped put UNLV more prominently on the map. In honor of this important date, Dr. Eugene Moehring, a history professor and department chair, just published a book about the school, titled "The University of Nevada, Las Vegas, A History". The project took (0 comments)
strip: Las Vegas icon Sahara Hotel & Casino under renovation - 11/26/07 09:42 PM
As soon as SBE Entertainment and Stockbridge Real Estate Funds closed on the purchase of the old Strip heavyweight in August, the new owners went to work. Their short-term plan was ready to go the minute the ink dried. Many of the public areas in and outside the Moroccan-themed resort were improved and refurbished. The hotel lobby is now more welcoming with new sofas and chairs and the black-and-white photos of past entertainers lined up behind the front desk are greeting guests with more flavor. Customers visiting the dining rooms make selections from fresh menus and the outdoor areas have seen (0 comments)
Bugsy, remember Bugsy Siegel, and company would turn in their graves if they knew what is going on now in the town they helped splash on the map. Those days casino bosses ran the show on the Strip and one of their marketing ideas of attracting traffic was to offer plenty of cheap eats. That's basic. Who in his right mind would turn down a tasty, totally affordable bite? 99 cent shrimp cocktail was one of their marquee items and $1.99 steak dinner was another, bargains you couldn't pass up. That was then, though. And this is now. Las Vegas is under (0 comments)
strip: Las Vegas rental housing grief - 11/13/07 04:50 PM
The issue under the microscope of the local governments is a narrow section of the rental market here. Those who invest in homes to lease them long-term, like a 1-year contract to start with, are outside this argument and are free to continue with their programs. It's the short-term rentals, the ones that go for less than 30 days at a time, which have drawn the spotlight to themselves. They are appropriately described as "party houses". Vegas is commonly called Sin City and so many other intriguing names because visitors come here to have a good time. At some point during all (2 comments)
strip: M Resort under construction in Henderson - 11/10/07 01:44 PM
Lately a lot of attention has been directed at the north end of the Strip where Wynn Resorts is building the Encore, Boyd Gaming is putting up the Echelon Place and The Palazzo next to the Venetian is about to open. All that and the condominiums going there and later other resorts will certainly change the skyline in a major way. In the opposite end of the famed boulevard things are beginning to stir, too. Near the intersection of I-15 and St. Rose Parkway, a west Henderson location, M Resort owns an 80-acre parcel where it's constructing a hotel and casino (2 comments)
strip: Las Vegas Strip land gets top dollar - 11/07/07 12:17 PM
Generally speaking Las Vegas land prices are heading south these days due to lack of demand. The residential real estate sector specifically continues wrestling with serious overbuilding issues that can last for another while. But there is one location that seems immune to the normal shifts in the marketplace. And that would be the Strip, the hub of the entertainment district here. Triple Five, the world-famous developer from Canada, just counted out $180 million in crisp new bills on the table for a parcel less than six acres. That is a lot of money per acre. It's the site of the former (0 comments)
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