A piece on Steve Friess' Vegas blog yesterday talks about the upcoming clash between the Downtown Las Vegas Plaza Hotel and the upcoming Plaza Las Vegas, destined for the site of the now demolished New Frontier.
Like Steve says, this one seems clear. I'm curious how this will shake out - Elad has deep pockets, they could probably license the name and pay off the cash strapped Tamares (they still own the Plaza, right?)
Tagged: gaming industry, las vegas, lasvegas, newfrontier, vegas
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I think Elad is going to have to do what Steve Wynn did when he was building the Mirage.
I think Tamares still own the Plaza, etc. The impression I get is that Tamares has lots of cash, but they don't want to spend it on the properties for a marginal return. Does anyone know much about Tamares? I think I read that they are based in Belgium, have VERY deep pockets, and have strong Israeli connections. I wonder if Tamares and Elad know each other from other parts of the world, and the Plaza battle is another part of the game.
IMO Tamares will sell the name, all the legal stuff is just haggling on the price. While I think the downtown Plaza property has a lot of untapped potential, I don't see where the "Plaza brand" has anything left to offer. In fact if you were serious about it, you'd revamp and rebrand the downtown Plaza at the same time.
Tamares is based in Liechtenstein. Although they're both heavily involved in Israel, it doesn't appear that Elad and Tamares have worked together. Doc_al hit the nail on the head, it's now a metter of price. The new Strip property will certainly carry the name, The Plaza.
on November 21, 2007 1:42 PMMaybe they'll rebrand it "Biff's"
The 12/3 LV Sun gives the current status of the name battle. After all the posturing in court, it will still boil down to how much money for the name.
http://www.lasvegassun.com/sunbin/stories/sun/2007/dec/03/566633558.html
on December 3, 2007 10:08 AM"The latest multibillion-dollar project planned for the Strip has received its first round of approval from county officials.
The Clark County Planning Commission late Tuesday unanimously approved the $5 billion Plaza project's development plans, which would include the largest casino on the Strip, for the New Frontier's 34.5-acre site.
The project is scheduled to go before Clark County commissioners Jan. 16 for final approval, with construction slated to start late next year. The project is expected to open in 2012."
"Elad, which declined to comment, is also in talks with Wynn Resorts Ltd. and Boyd Gaming Corp. about sharing the costs of developing separate pedestrian bridges that would connect the three properties, according to testimony during the hearing."
WYNN and BYD will jump at the chance to strengthen the North Strip.
http://www.lvrj.com/business/12655306.html
on December 20, 2007 6:06 AMPost a Comment
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