One billion-plus Vegas deal a winner while another mega project craps out
Maxim Magazine is lending its name to a more than $1.2 billion hotel casino planned to open by 2010.
At the same time, the proposed $3 billion casino complex backed by actor George Clooney has announced its cancellation.
The Maxim project includes a 2,300-room resort with a 60,000 square foot casino just north of Circus Circus.
“It’s going to be upscale. It’s going to be four-star,” Barry Pincus, director of brand development for Maxim publisher Dennis Publishing Inc., told the AP.
He also predicted the casino would be “sexy and flirtatious,” which is appropriate because Maxim is often described as a racy men’s magazine.
Maxim plans to partner with Las Vegas-based real estate developer Concord Wilshire Partners LLC in the project that will also include a 3,000-seat concert venue.
Construction is set to start next year.
Meanwhile, Miami developer Jorge Perez’s group said they had abandoned plans fro a $3 billion project that was to include a 300-room hotel and casino.
The group sold their 25-acre parcel set aside for the project for $202 million, more than doubling their investment just over a year ago.
Said actor George Clooney:
“I’ll donate my profits from the sale to the African Debt Relief Project — and I guess I’ll find someplace else to gamble.”
His partner Perez said escalating construction costs killed the project.
The cancellation of Las Ramblas came after an intense marketing campaign that included full-page newspaper advertisements.
Report by David Wilkening
David
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