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Posted At : October 21, 2008 04:12 PM | Posted By : D McKee
Related Categories:
Downtown,Wall Street,The Strip,Tamares Group,Ameristar
According to the grapevine, El-Ad Properties' Plaza megaresort is not only a "go," but Credit Suisse and Goldman Sachs are likely financiers. That is, if El-Ad and partner Nochi Dankner kick in more equity (I'm hearing $150 million), having exuberantly overspent on the old New Frontier site.
If the deal goes through, Goldman Sachs will have its fingers in quite a few Vegas pies. One of its beards ... sorry, I meant to say "affiliates," holds 40% of the Las Vegas Hilton and wields veto power over capital-intensive decisions there. Another octopus arm of Goldman owns Carl Icahn's former ACEP properties, including the Stratosphere. So Las Vegas has a pretty big stake in Goldman's continued financial health.
Up in downtown, The Siegel Group continues apace with its makeover of what used to be Las Vegas' dodgiest casino, the Gold Spike. A detailed set of plans is on file, complete with color swatches. I'm hard-pressed to read the document without my magnifying glass, but the exterior will get a complete face lift, there will be cabañas by the pool, and -- so I'm told -- a new neon sign is in the works. Enjoy it while you can: Word is that Siegel will run the Spike 2.0 for about five years, then demolish it in favor of something new.
Even so, that will have been 1,000% more than do-nothing Tamares Group has accomplished with the remaining casinos and motels it agglomerated from Jackie Gaughan. And since Tamares emerged from the shadows to challenge El-Ad's Plaza plans (touting a phantom $100 million renovation of its own), how much longer can the Nevada Gaming Control Board maintain the fiction that Tamares is merely a "passive landlord" that does not need to be licensed?
Speaking of the inert, what's the matter with Ameristar Casinos these days? Since the death of CEO Craig Neilsen and the sacking of John Boushy, the company hasn't done much except fire a slew of Chicago-area employees. Ameristar has hunkered down, seemingly in hopes that someone will buy it and put the present leadership [sic] out of its misery. Forward movement at Ameristar -- even with several growth opportunities in view -- appears to be nil.
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