Venue Notes: Cosmopolitan Finds Its Angels
Lisa Plummer -- Tradeshow Week, 3/14/2008 3:24:00 PM
• The developer of the Cosmopolitan Resort & Casino has acquired two new investors who will help recapitalize the previously troubled project. Chicago-based Global Hyatt Corp. and New York-based Marathon Asset Management have agreed to invest in the $3.5 billion condo-hotel project. This comes six weeks after Deutsche Bank issued a notice of default to developer Bruce Eichner, who missed a payment on his $760 million construction loan. Eichner will remain involved in the project as construction continues on the 8.5-acre site that is still expected to open in late 2009. The property will include 3,000 rooms and 150,000 square feet of meeting space.• Hedwigs Las Vegas Top Tier is completing financing to purchase Hooters Hotel & Casino for $225 million, and will rebrand it as a boutique hotel property. The investor plans to begin a $130 million, 18-month-long redevelopment project later this year. Some of the 727 rooms will be converted to suites, and the casino will be expanded. Hedwigs hopes to close the sale by late spring.
• Sales teams are booking meetings for dates starting in January 2009 at The Encore Suites at Wynn Las Vegas. The $1.7 billion property, due to open in December, will offer 60,000 sq. ft. of flexible meeting space along with the 2,000 suites in its 53-story hotel tower. Connected to the property, the adjacent Wynn Las Vegas has 200,000 sq. ft. of convention space.
• The Nevada Palace has closed to make way for the $250 million Eastside Cannery. Crews will demolish the 29-year-old Boulder Highway property this week to make space for the Cannery’s parking lot. The resort, which sits on approximately 20 acres, has been under construction since April 2007 and is scheduled to open in August. The Eastside Cannery will have 307 hotel rooms and 20,000 sq. ft. of meeting space.
• The sale of Binion's Gambling Hall & Hotel has been finalized. TLC Casino Enterprises, owners of the 4 Queens Hotel & Casino, has purchased the downtown property from MTR Gaming Group for $32 million. The sale, completed last week, has been in the works since last June. Renovations on the property's 366 rooms and casino will begin immediately.
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