What's happening with the Moulin Rouge site? There's an announcement, then nothing, then another announcement, then nothing. The latest was for a Strip-like resort that disappeared again. Did anything ever happen there?
Though no timetable or financing plan was announced, in late July, Las Vegas Moulin Rouge LLC revealed an ambitious proposal to build out the site of the original and enduring Moulin Rouge, the first integrated casino in Las Vegas (and therefore the nation) near downtown on the Westside.
The latest plan for the historic but star-crossed property would be divided into three phases.
Phase 1 would include a 400-room hotel, 25,000-square-foot casino, restaurant and buffet, 1,200-seat showroom, 200-seat jazz center, convention space, nightclub, pool, spa, and retail. Phase 2 would include an expansion of all the facilities, including a 1,000-room hotel tower. Phase III would debut mixed-use residential and office space and a 12,000-seat arena.
Total cost: $1.6 billion. The original Moulin Rouge was built for $3.5 million.
Moulin Rouge LLC was put on a very tight leash. It had to come up with and deposit the full $9.5 million purchase price into an escrow account as proof of funds by the Tuesday following the announcement, July 30.
Well, July 30 came and went and, not surprisingly, no $9.5 million went into any escrow account. The LLC principal claimed that the money was forthcoming and simply stalled by a banking technicality; it would be deposited by the following Friday, August 2. Well, August 2 came and went with no money to show for it. And we haven't heard a peep about it since.
Las Vegas Moulin Rouge LLC has (or had) some competition for the property: Anderson Capital Fund. Anderson reportedly submitted a $9.9 million offer, but nothing has been heard from them either.
Seems like business, or a lack thereof, as usual for the Moulin Rouge. Or, as Anthony Curtis wrote recently, "Next!"
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David Miller
Oct-06-2019
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Oct-06-2019
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Oct-06-2019
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