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According to the grapevine, El-Ad Properties<\/strong>' Plaza<\/strong> megaresort is not only a "go," but Credit Suisse<\/strong> and Goldman Sachs<\/strong> are likely financiers. That is, if El-Ad and partner Nochi Dankner<\/strong> kick in more equity (I'm hearing $150 million), having exuberantly overspent on the old New Frontier<\/strong> site.<\/p>\n If the deal goes through, Goldman Sachs will have its fingers in quite a few Vegas pies<\/a>. One of its beards … sorry, I meant to say "affiliates," holds 40% of the Las Vegas Hilton<\/strong> and wields veto power over capital-intensive decisions there. Another octopus arm of Goldman owns Carl Icahn<\/strong>'s former ACEP<\/strong> properties, including the Stratosphere<\/strong>. So Las Vegas has a pretty big stake in Goldman's continued financial health.<\/p>\n Up in downtown, The Siegel Group<\/strong> continues apace with its makeover of what used to be Las Vegas' dodgiest casino, the Gold Spike<\/strong>. A detailed set of plans<\/a> 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.<\/p>\n Even so, that will have been 1,000% more than do-nothing Tamares Group<\/strong> has accomplished with the remaining casinos and motels it agglomerated from Jackie Gaughan<\/strong>. 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<\/strong> maintain the fiction that Tamares is merely a "passive landlord" that does not need to be licensed?<\/p>\n Speaking of the inert<\/strong>, what's the matter with Ameristar Casinos<\/strong> these days? Since the death of CEO Craig Neilsen<\/strong> and the sacking of John Boushy<\/strong>, 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<\/em>] out of its misery. Forward movement at Ameristar — even with several growth opportunities in view — appears to be nil.<\/p>\n","protected":false},"excerpt":{"rendered":" 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 … Continue reading ![\"\"](\"\/userfiles\/Image\/goldspike2.gif\")
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