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Palms Place Penthouse, Estate of the Day

Filed under: Estates

Need a Las Vegas lair? Today's home might be a gambler's dream, a sky-high penthouse unit in Palms Place. The ultra-modern two-bedroom penthouse is being sold with all its ultra-modern furnishings which include a pool table, leather furniture and large flat-screen televisions. The most "ruler of all I survey" spot has to be the private spa which actually projects out from the building and faces a wall of glass with views of the Palms Casino and the Vegas strip. The home includes large closets and a stainless steel kitchen that looks more like a place for surgery than dinner but this isn't the sort of place you'd cozy up for meals anyway. The penthouses at Palms Place are available for rent so you can check out a similar place for a few thousand a night. This home is listed at $4 million.

Gallery: Palms Place Penthouse

Tags: estate of the day, EstateOfTheDay, las vegas, las vegas strip, LasVegas, LasVegasStrip, nevada real estate, NevadaRealEstate, palms place, PalmsPlace

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Icahn Wins The Fontainebleau, Now What?

by Deidre Woollard (RSS feed) —

Filed under: Real Estate Developments

It has sat at the end of the Las Vegas strip, big, blue and unfinished for a while but perhaps the Fontainebleau Las Vegas Resort will finally be completed now that casino-loving billionaire investor Carl Icahn has made the winning bid for the bankrupt resort. Tourism in Las Vegas has been sluggish recently and the Strip has a glut of new hotel rooms including those at the massive City Center project.

Reuters reports that court documents show that the only qualified bid received for the company was from Icahn Nevada Gaming Acquisition LLC. He had offered $156.5 million to buy the casino back in November, a bid which put Penn National Gaming Inc out of the running. Reuters interviewed Icahn who said his philosophy is to buy things when no one else wants them. It is a strategy that has served him well in the past. But Fountainebleau is a huge project, one that has already cost $2 billion and could cost another $1.5 billion to finish. It's got a nice Strip location but does Las Vegas need a 3,815-room resort right now? The Fontainebleau will also have a casino, spa, performing arts theater, condo-hotel units, retail space, conference space and nightclubs, lounges, restaurants and even a chocolate factory.

Icah was involved in a deal to buy the Tropicana's Atlantic City casino and we've been watching his machinations with Beal Bank to save the Trump Atlantic City casinos from ruin (and possibly from Trump himself). Icahn has played in Las Vegas before, buying low and selling high with the Stratosphere. In that case he bought the casino out of bankruptcy in 1998 and sold the property in 2007. If this proves anything it's that Icahn may be willing to wait a while to make a profit, a good thing because it will be a while before the Fontainebleau makes any money.

Tags: fontainbleau bankruptcy, FontainbleauBankruptcy, fontainebleau, las vegas, las vegas strip, LasVegas, LasVegasStrip

Sahara Hotel Closes Rooms In Vegas Hotel Room Surfeit

by Deidre Woollard (RSS feed) —

Filed under: Luxury Travel & Hotels

More bad news out of Las Vegas for the tourism industry. The AP reports that the Sahara hotel-casino on the Las Vegas Strip is closing rooms in two of its towers over the winter season. Sam Nazarian's SBE Entertainment owns the property now and a publicist has said that the two towers will stay shut until business improves. The casino and the main Tangiers tower will remain open. It's not known if the hotel will lay off staff. Several other hotels recently opened on the Strip at the City Center complex so there is no shortage of places to stay in Las Vegas.

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Tags: hotel, hotels in trouble, HotelsInTrouble, las vegas, las vegas strip, LasVegas, LasVegasStrip, sahara

Hard Rock Hotel Adds New Suites Tower

by Deidre Woollard (RSS feed) —

Filed under: Luxury Travel & Hotels

Las Vegas seems to have a surfeit of hotel suites lately but that hasn't stopped the big names from bringing out new offerings. The Hard Rock Hotel has unveiled the HRH Tower Suites. The HRH Tower is an all-suite tower set to open on December 28. HRH Tower includes 359 "standard" suites, eight spa villas opening directly to the pool areas, and seven penthouse suites on the 16th floor. Guests in the new towers will have their own VIP entrance and check-in, direct access to the new casino space, luxury Reliquary spa; and Vanity nightclub.

The suites include an integrated wet bar, sitting area, and suite bathroom with cast iron tubs. Each suite in the Tower includes an AMX 12" Touch Panel music system with iPod dock with over 2,000 HRH owned songs and playlists as well as two 40" Sony Bravia LCD TV with DVD players. The seven penthouse suites include: Infinity, Nirvana, Provocateur, Platinum, Ultra Lounge, Stones, and Sex & Pistols. Bathrooms include Grohe bath fixtures with rain showerheads and six handheld shower sprays. The Nirvana Suite (rendering shown above) comes with an outside beach area with a private plunge pool and two enormous four poster draped daybeds.

The Vanity nightclub is lit by a multi-million dollar chandelier that can change color and even broadcast images and the club has two marble bars, a sunken dance floor, 50 VIP booths, an outdoor terrace including five cabanas with direct access to a sky bar and a ladies' lounge with six individual vanity stations and a full length three-way mirror with staff on-hand to fix broken nails, style hair and spruce up makeup. The Reliquary Spa has a Roman Bath, 21 treatment rooms, a private studio for pole dancing lessons and a fitness center. Rates at the tower start at $119.

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Tags: hard rock hotel, HardRockHotel, las vegas, las vegas strip, LasVegas, LasVegasStrip

Vdara Hotel To Open With Celeb-Attended Gala

by Deidre Woollard (RSS feed) —

Filed under: Luxury Travel & Hotels

Las Vegas' big gamble, the massive CityCenter is finally starting to be open to the public. The Vdara Hotel and Spa is partnering with Vanity Fair to co-host a grand opening gala hosted by Sebastian Copeland with Orlando Bloom and Rosario Dawson on Tuesday in support of the Sebastian Copeland Foundation, a new foundation to explore climate change. Entertainment will be provided by DJs Donovan Leitch and Mathieu Schreyer and guests will dine on food from Martin Heierling, executive chef of Vdara and the hotel's contemporary Mediterranean restaurant, Silk Road.

Vdara is a non-gaming, smoke-free environment which is physically connected to Bellagio and adjacent to the ARIA resort. The LEED Gold certified project includes the 18,000-square-foot, two-level wellness spa, Vdara Health and Beauty. The hotel features a variety of stay options the most lavish of which are the two-bedroom penthouse suites which each have a full kitchen, a washer and dryer, flatscreen televisions and a bathroom with a soaking tub.

The 4,004-room Aria Resort & Casino will open on December 16. Many are concerned about how eager people will be to check out the new hotel considering that room prices are lower across the Strip and tourism is still down. The AP reports that including condominiums, CityCenter will have nearly 6,800 units open early next year. Rates at Vdara start at $129, $149 at anchor resort Aria and $345 at the Mandarin Oriental.

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Tags: citycenter, las vegas, las vegas strip, LasVegas, LasVegasStrip, vdara

Will Carl Icahn Rescue The Fontainebleau?

by Deidre Woollard (RSS feed) —

I've been following the fate of the Fontainebleau Las Vegas casino resort for a while now. It looks like the stalled project may have a new savior in the form of billionaire investor Carl Icahn. Icahn's Icahn Nevada Gaming LLC will be the opening or 'stalking horse' bidder in an auction of the resort after Penn National Gaming Inc. dropped out. Bloomberg News reports on the bidding war in court which led to Icahn offering $105 million, plus $51.5 million in debtor-in-possession financing besting Penn's offer of a total of $145 million. This means that the Icahn bid will be the one to beat.

The planned complex on the Las Vegas Strip is about 70 percent complete. It filed for bankruptcy in June and may cost around $1.5 billion to finish. Fontainebleau's sellers have asked U.S. Bankruptcy Judge A. Jay Cristol in Miami to auction the casino on January 21. Penn National Gaming had planned to finish Fontainebleau with an unidentified partner and to use the company's database of casino customers to help fill the casino with consumers. Icahn has a history of buying bankrupt casinos (including the Stratosphere in Las Vegas) and selling them for big profits. His entry into the fray may increase interest in the January auction and help ensure that someone eventually buys the casino and finishes the project.

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Tags: carl icahn, CarlIcahn, casino, fontainebleau, las vegas, las vegas strip, LasVegas, LasVegasStrip

Tiffany & Company's Glitzy New Store Design

by Deidre Woollard (RSS feed) —

Filed under: Jewelry

Tiffany & Company showed off their designs this week for their latest store in Las Vegas, a new approximately 10,000-square-foot store at the CityCenter development on the Las Vegas Strip. The two-level store will be located in Crystals, CityCenter's 500,000-square-foot retail and entertainment district which was designed by Studio Daniel Libeskind and Rockwell Group. The store is set to open in December and will have an 85-foot-high glass facade which is shaped like a diamond. The overall effect is luxe with a bit of Vegas flash, the entrance will be gleaming black granite around Art Deco-inspired stainless steel doors and inside etched mirror walls, iridescent fabrics and glittering chandeliers add sparkle. The second floor will be reached via a spiral steel-and-glass staircase that is lit from underneath. There is a separate engagement ring salon and a private sales salon with can be reached via a glass bridge. This will be the third Tiffany store in Las Vegas there are two other shops on the Strip, one at the Shops at Via Bellagio and one at The Forum Shops at Caesars but this is the largest one yet. JCK Online has more pictures of the interior renderings.

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Tags: citycenter, jewelry, las vegas, las vegas strip, LasVegas, LasVegasStrip, tiffany, tiffany and co, TiffanyAndCo

Caesar's Palace Delays Tower Opening

by Deidre Woollard (RSS feed) —

Filed under: Real Estate Developments

Another Las Vegas Strip hotel is cutting back. We first heard about Caesar's Palace's billion-dollar expansion back in 2007. The plans included an overhaul of the Forum tower, new meeting and convention space, three pool villa suites overlooking three swimming pools and the 660-room Octavius Tower, named in honor of Julius Caesar's heir, the emperor Augustus (the resort already has an Augustus Tower, Octavian was the name he had before he ascended to power). Harrah's Entertainment has decided to delay the opening of the Octavius Tower simply because the demand for rooms isn't there.The villas, convention space and expanded pool area will open as planned. The company will open the tower once demand picks up again. The news follows the report that CityCenter, MGM Mrage's monster project is now down one 400-room hotel. For the past few years the answer to making more money as a resort operator in Las Vegas was to have more rooms but with travel and convention spending down a new plan is needed.

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Tags: caesars palace, CaesarsPalace, las vegas strip, LasVegasStrip, octavius tower, OctaviusTower

Las Vegas Sands In Trouble

by Deidre Woollard (RSS feed) —

More economic trouble has come to the Las Vegas Strip. Las Vegas Sands, the casino empire run by billionaire Sheldon Adelson which includes The Venetian and The Palazzo, is facing a tough decision. The company must either immediately raise new capital, cut development or perhaps both in order to satisfy loan agreements. Stock shares fell by a dramatic one third on the news that the company may break its loan agreements.

The stock's prices have plummeted over the past year dropping Adelson's personal wealth dramatically. Once his shares were worth around $30 billion but with the latest drop his stocks are worth less than $2 billion. It is estimated that the long-term debt at the Sands is $8.8 billion. The Sands currently has projects in Las Vegas, Pennsylvania, Macau and Singapore. Casino revenues that might have continued to fuel these projects in better times are also dropping quickly. Even the convention business, the bread and butter of Las Vegas has also dropped off as companies cut off all unnecessary expenses.

It's a tough break for Adelson, who worked as a financial adviser and real estate investor and created the technology trade show Comdex before getting into the hotel business in 1989 when the bought the Sands. The 4,027-room Venetian and the 3,066-suite Palazzo are two of the most popular places to stay on the Strip. As the AP reports Adelson controls 70 percent of Las Vegas Sands personally and through family trusts and so his fate is inextricably linked with the fate of the Las Vegas Sands but at this point it is not known if he will use his personal wealth to bail out the company.

UPDATE: The Las Vegas Sands has suspended their building projects on the Cotai Strip in Macau, laying off a potential 11,000 workers.

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Tags: las vegas sands, las vegas strip, LasVegasSands, LasVegasStrip, palazzo, venetian

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