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I see that on Convention Center Drive, the old Royal Resort is closed and fenced off. Some construction seems to be going on across the street at the parking area recently purchased by Siegel. And any update on the Majestic property? The whole area seems to be buzzing.
First, the story on Majestic Las Vegas, straight from the horse’s mouth.
A Majestic rep informs us that SkySuites, the ownership units at the eventual non-gaming, non-smoking, "ultra-luxury" 720-suite resort, will go on sale at next month’s Consumer Electronics Show. Groundbreaking, originally set for 2021, will take place in October 2023. The project, according to the spokesperson, was delayed by the pandemic and the original $850 million budget is now nearing $1 billion.
As we like to do on occasion, especially when it comes to upcoming developments such as this, we asked VitalVegas blogger Scott Roeben for his take on the Majestic. He is, in a word, skeptical. “There’s no indication Majestic is going to happen." He considers it ill-advised to open a non-casino hotel that will vie with Resorts World (and its Loop connection) and Fontainebleau (right next door) for Convention Center business. “There’s no guarantee we recoup the 25% of convention business that’s yet to come back from the pandemic," he writes us, "despite all the cheerleading.”
As for the Royal Resort, he adds, “Zero news. I could never even get them to confirm it closed!”
We tried to locate the owner, Royal Center Associates, in Las Vegas, and found it a dead end. A webpage for the property reads, “Located just off the world-famous Las Vegas Strip and within walking distance of the Las Vegas Convention Center, the Royal Resort is a perfect location for vacationers and convention goers alike. The 230-room resort allows guests to enjoy the quieter side of the city that never sleeps, while giving them the flexibility to walk to all the action that the Strip has to offer.”
It continues, “GWP has assembled the consecutive lots to the east and west of the Royal Resort, which consist of a 43,470-square-foot shopping center on 3.7 acres and and a 306,000-square-foot office building on 3.3 acres, for a total of 10.5 acres fronting on South Las Vegas Boulevard with plans to develop a future high rise resort and casino.”
We traced principals Michael and Hooshang Pashaie to Beverly Hills, where they hang their shingle at GWP Real Estate & Development. An intermediary told us, “We’re not interested in selling. It’s in mediation right now. … We’re in the middle of a negotiation.”
So there’s some kind of movement happening, but it’s not clear what.
As for the Siegel project, both Vital Vegas and QoD dropped lines to the company. A Siegel source told Roeben, “No real update on the land other than we're working with our architects on a couple [of] concepts. Still in the very early stages of planning.”
“In the neighborhood, there's also no chatter about the site purchased by that salmon billionaire Claudio Fischer,” adds Roeben. “That one’s a big question mark.”
To explain, Claudio Fischer is a Chilean businessman who got into the casino business when he and his brother and business partner Humberto bought the South African casino company Sun International in 2016, assuming control of Sun Montecillo Casino Resort near Santiago, Chile. The Fischers' plan to buy Enjoy Hotels will create the largest resort-casino operator in Latin America.
When the Las Vegas and Convention Authority wound up with 10 acres of land it didn't need for its West Hall at the corner of the Strip and Elvis Presley Boulevard, the LVCVA struck a deal to sell Fischer the land for $120 million. Fischer has until 2031 to begin construction on a hotel-casino on the property.
All in all, yes, that whole area is buzzing. But the details remain flighty.
I have a question I can't find a clear answer to. As a foreigner, what's the easiest way to deposit cash in Vegas? I'm not talking about big amounts, but what if I want to deposit $500? Or $5,000? Can I open a bank account in Vegas? Can the casino wire it for you? Do they charge for this service? What if it's table game or poker money? Will the casino still perform a wire if you have the chips on you? I've only heard about this with slot jackpot. It seems like getting cash is easy enough by using an ATM or depositing front money, but I never hear about getting money back home. Not that I pretend I'm going to win, but I wonder what happens to people who do and are foreigners.