Offering Sin City a slim reed of hope, Marriott International has let it be known — through “trailer station” operator United Coin — that it hopes to build a 3,500-room casino-hotel directly opposite the Las Vegas Convention Center. Considering the recent struggles of the nearby Las Vegas Hilton, this is a vote of confidence. Besides, most of the hotel product in the area runs toward the skanky. Construction wouldn’t start until the first quarter of 2013 or thereabouts.
Still, Marriott’s project would be a tall order — literally. The lot in question is one puny acre, which would mean that the casino (and everything else) would have to be “stacked” like crazy. It also doesn’t have the greatest karma in the world, having been the site of a string of failed ventures dating back to the Sports of Kings, an erstwhile casino that had the rare and unenviable distinction of being shut down by Nevada regulators. Marriott might want to bring in some Buddhist monks or Native American shamans to cleanse the parcel of unclean spirits before it breaks ground.
Stick a fork in it. The last nail was pounded into the coffin of Caesars Entertainment‘s $700 million “Margaritaville” project in Biloxi this week. The State of Mississippi gave its endorsement to Jimmy Buffet‘s Great Recession-friendly $48 million reboot of the concept, done in collaboration with former Grand Casinos executive Tom Brosig, who certainly knows the Gulf Coast market from way back. In a typical fit of post-LBO paralysis, Caesars started work on its Buffet-themed makeover of Grand Casino Biloxi, then stopped partway through and now the whole thing is in a deep freeze of indeterminate duration. Congratulations to Buffet for having slipped Caesars’ strangulating embrace.
Try, try again. State Sen. Oscar Braynon (D) is attempting to jump-start the “destination casinos” bill in the Florida Legislature. With each try, the bill becomes ever more misshapen. In addition to the silly, 75-mile exclusion radius for each megaresort, a honkin’ big chunk of the state around Orlando would be preempted from having casinos, will of the people be damned (raising questions of constitutionality). Also, there would be five tax tiers, two parimutuels, three for megaresorts — six tiers, if you count the now-imperiled Seminole compact. Braynon is counting on help from Gov. Rick Scott (R) but the latter’s popularity among Floridians is badly underwater at the moment, so Scott’s might not be the face you want to put on this latest effort.
Well, doesn’t Marriott own a pretty good chunk of Paradise Road? I count at least three, maybe four hotels along that stretch, including the upscale Renaissance.
Also, what would happen with their Rampart property? Do they take over the casino, or do they continue a relationship with Cannery?
Finally, the Marriotts, being the good LDS folks they are, prefer not to operate casinos, and for some time a long time ago, was against selling alcohol on their properties. It’s a moral issue (although I note again, being the good LDS folks they are, if you’re in a city known as a single male traveler hotbed, they won’t charge you for bringing your new girlfriend back to the room-or two, or three lol.
So, this is a sea change for them, I’ll believe it when I see it…they probably intend to build the casino and lease it, but you never know.
Interesting questions, Seventy. Marriott nixed a James Packer takeover of the Rampart casino contract, so they’re obviously happy with their current arrangement. Perhaps the casino portion of the Convention Center hotel-casino would be farmed out to Cannery or — more likely — United Coin, although that’s a poor business model in Las Vegas, since forgoing casino revenue has a bad habit of catching you out over the long run. (See: Nazarian, Sam)
I think a nightclub called The Beach used to be at that location where the Marriott’s potential project is. The Beach was lots of fun in the late 90’s when I went there occasionally.
3500 rooms on one acre? Wow, that is quite an ambitous project for a small lot. Why doesn’t Marriott buy out The Greek Isles location on Convention Center Drive and build something there? I think there is around 5 acres or so at that location and it is pretty close by.
Not the greatest residential neighborhood there around the Hilton IMHO. But as my father taught me, you won’t get laid if you don’t take your pants off. I say we should all be encouraged by the fact that some brave people are suggesting new development anywhere in the Vegas valley. Until housing and unemployment comes back a little I’m afraid these are dreams, but the big corporations are sitting on alot of offshore money. Eventually that money will come back home.
I was thinking the same thing as Seventy. Marriott usually does not operate their casinos. Here is a better idea for them though. Just wait for Colony and their partners at the Hilton to default on their mortgage then by their place at a discount!