Venue Notes: Goodbye Greek Isles, Hello New Moulin Rouge
Lisa Plummer -- Tradeshow Week, 2/15/2008 11:11:00 AM
The city’s, ahem, more distinguished properties dominate this week’s update on construction, renovation and financial news from local hotels with meeting space.• The Greek Isles Hotel-Casino is to be imploded by the end of ’08 to make room for a 780-room hotel-casino with 71,200 square feet of convention, restaurant and retail space. Harold Rothstein, director of DI Development Group, bought the 6.1-acre Greek Isles site last July for $48.8 million. The property on Convention Center Drive was the former site of the Debbie Reynolds Hotel. Rothstein is still arranging financing for the project.
• The InterContinental Hotels Group plans to build a 386-room Crowne Plaza Hotel west of the Strip. Expected to open in 2010, the Asian-themed property will include a casino, restaurants and 16,000 sq. ft. of meeting and banquet space.
• Las Vegas businessmen and gaming newcomers Stephen Siegel and John Tippins have bought the Gold Spike Hotel & Casino for $21 million. They plan to give the property a facelift this summer. Siegel and Tippins also purchased the neighboring Travel Inn for $5 million last August. Upon approval from Nevada gaming regulators, they intend to connect the properties to provide more rooms and amenities for guests.
• Washington D.C.-based Republic Urban Properties is entering a joint venture with Moulin Rouge Hotel & Casino property owners Moulin Rouge Development Corp. Pending approval from the Las Vegas Planning Commission, the developers plan to invest $700 million to redevelop the historic 15-acre off-Strip property. Their plans include a 41-story, 1,727-room hotel-casino and 50,000 sq. ft. of retail, restaurant, spa and convention space.
• The Monte Carlo Resort & Casino has reopened following the Jan. 25 fire that charred the top few floors of the hotel tower. Approximately 1,200 guest rooms are now available, with an additional 1,300 set to open Feb. 22. The remaining 500 rooms, located on the upper floors, will remain closed while undergoing repair. Most guest services, including meeting and convention facilities, will reopen Feb. 15. Alan Feldman, MGM Mirage spokesman, said property damage was expected to be less than $100 million. He also said, with extensive insurance to cover such an event, the company's out-of-pocket costs would be “considerably less.”
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