An article that appeared in the Las Vegas Sun newspaper yesterday, may have a very positive impact on Panorama Towers. This site is directly south of Panorama Towers . Please read these excerpts from the SUN:
Station Casinos owners Lorenzo Fertitta, left, and brother Frank explain their vision Tuesday for Viva, which, at $10 billion, would become the most expensive casino complex ever built. At a time when businesses across the country are cutting back in the face of economic turmoil, the brothers at the helm of Station Casinos are accelerating plans for an enormous Las Vegas resort larger than CityCenter. Frank and Lorenzo Fertitta, who took their company private last year with help from private equity giant Colony Capital, said in an interview Tuesday that they are going forward with plans to redevelop the site of the Wild Wild West motel and casino on Tropicana Avenue and Interstate 15.
The Fertittas said they have a detailed plan for the first phase of their Viva resort that includes three casinos and at least three hotels with as many as 5,200 rooms. The entire project, built on 110 acres over many years, would cost more than $10 billion and be larger than MGM Mirage’s $8 billion CityCenter, now under way on the Strip and expected to open in 2009 on 66 acres between Monte Carlo and Bellagio. Ultimately, the Viva complex could have 10,000 rooms. Station Casinos’ timing would seem amiss, given the weakening national and local economies. But the Fertittas have defied skeptics here and on Wall Street by buying or building a 14-casino empire in 13 years.
Because the company is no longer publicly traded, the Fertittas do not have to answer to jittery shareholders worried about declining demand or falling share prices. But they still have to line up lenders, which they have not yet done. They said they hope the capital market will rebound before they are ready to start construction, sometime in the next two years. Originally conceived as a single casino hotel built on a few dozen acres, plans for Viva grew exponentially as Station quietly bought or obtained rights to develop the 110-acre site, currently home to squat, nondescript warehouses and retail stores. “It started to build upon itself, like putting together pieces of a puzzle,” Lorenzo Fertitta said. In its expanded form, Viva will establish the Fertittas as “Strip players” and cement their legacy as casino entrepreneurs beyond their success in the neighborhood casino business — a track record long admired by their counterparts on the Strip. If you have any questions, or if you are looking for a bargain priced condo in Panorama Towers or even a foreclosure deal at this tower, please contact:
The Stark Team 702 376-5220
Visit us on the web at www.LasVegasCondoExperts.com
