{"id":6418,"date":"2011-04-26T15:59:54","date_gmt":"2011-04-26T23:59:54","guid":{"rendered":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/?p=6418"},"modified":"2021-11-28T08:43:14","modified_gmt":"2021-11-28T16:43:14","slug":"losee-station-bites-the-dust","status":"publish","type":"post","link":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/losee-station-bites-the-dust\/","title":{"rendered":"Losee Station bites the dust"},"content":{"rendered":"

\"\"We’re just past two years to the day when S&G<\/em> predicted, “Good luck finding any takers” at $39.5 million for the old Castaways<\/strong> site. Even now, at a priced-to-move $8.3 million ($414K\/acre), it’s not budging. The site’s threefold curse is, of course, location, location, location. This was a purchase Station Casinos<\/strong> didn’t need to make, shouldn’t have made, paid too much<\/a> — and now it’s proving damned near impossible to unload. (It was quite a different story when Station was offloading acreage near Boulder Station<\/strong> and Sunset Station<\/strong>.)<\/p>\n

What’s more — but only slightly — more surprising is that CEO Frank Fertitta III<\/strong> has run up the white flag on bitterly and long-sought “Losee Station<\/strong>,” an attempt to box in Boyd Gaming<\/strong>‘s planned Park Highlands<\/strong> failsino, a Gary Goett<\/strong> project that’s still down and out<\/a> after years of trying. As luck would have it, the northward march of North Las Vegas<\/strong> development came to a screeching halt right where (creditor-besieged<\/a>) Aliante Station<\/strong> was built, leaving both Station and Boyd holding Beltway<\/strong> plots out in Northeast Nowhere. (Of five casino projects mooted for the area, 0nly Aliante so much as broke ground.)<\/p>\n

\"\"Station paid $47 million for the Losee Road<\/strong>\/215<\/strong> non-gaming parcel back in 2005. Or rather, the deal was done by Losee Elkhorn Properties<\/strong>, headquartered at 2811 W. Sahara Ave<\/a>. (left<\/em>). Voit Real Estate Services<\/strong> advertises the parcel as approximately 60 acres<\/a>, which is pretty loose. Clark County<\/strong> records show it as just under 54 acres. Voit’s asking price works out to $11.6 million — a nearly $25 million bath for Station. Throw in the Castaways discount and that’s $80 million-plus in land going at 75%+ markdown. Now that the Ferittas have to share ownership of Station with secured and unsecured creditors alike, their new business partners probably aren’t receptive to any talk of “long-term development strategies.”<\/p>\n

So Boyd wins this round … but it’s as Pyhrric a victory as you’re ever likely to see.<\/p>\n","protected":false},"excerpt":{"rendered":"

We’re just past two years to the day when S&G predicted, “Good luck finding any takers” at $39.5 million for the old Castaways site. Even now, at a priced-to-move $8.3 million ($414K\/acre), it’s not budging. The site’s threefold curse is, … Continue reading →<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[88,60,28,14,41,57,38],"tags":[],"_links":{"self":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/6418"}],"collection":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/comments?post=6418"}],"version-history":[{"count":10,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/6418\/revisions"}],"predecessor-version":[{"id":30399,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/6418\/revisions\/30399"}],"wp:attachment":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/media?parent=6418"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/categories?post=6418"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/tags?post=6418"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}