Note: Future Resort being planned. Range of 500 million to 1 billion. Site of the former Clarion Hotel and Casino (Also known as the Debbie Reynolds, Greek Isles, Paddlewheel, Royal Americana and Royal Inn).
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For Clarion owner, implosion is the easy part
Quote:
The long-anticipated knockdown of the Clarion, once the Debbie Reynolds Hollywood Hotel, will be witnessed by a group of VIP guests on the 6-acre site.
Doumani, who paid $22.5 million for the hotel in October, plans to build a mixed-use, nongaming resort to target conventioneers. He is lining up international investors to fund the project, expected to cost between $500 million and $1 billion, and is relying on Congress’ EB-5 investment program, which allows investors to secure American citizenship in exchange for large business investments.
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But here is where we slide in a healthy measure of skepticism: We’ll be excited when cranes and shovels hit that property. The catch is, the future and timeline of Doumani’s resort depend on two significant projects: Genting Berhad’s Resorts World Las Vegas and a planned expansion of the Las Vegas Convention Center.
The announcement that Chinese-themed Resorts World would be built sparked the $2.3 billion convention center concept, which in turn will dictate how and when Doumani proceeds. The convention center is across the street from the Clarion property.
The best time frame for the new resort to open is the summer of 2018, Doumani said, but expect fluidity throughout the project’s development.
“I will have some idea of what we’re going to do later in the year,” Doumani said. “We need to wait for the convention center plans to come through. There is a synergy in the entire area. Everything needs to be complementary, and my feeling is the convention center is going to have an idea of its own timeline in the second quarter of next year. But all my preliminary plans are ready to go. I just don’t want to make any big announcement, then have to make big changes.”
In a city that has witnessed myriad renderings of projects that never broke ground, the Clarion’s implosion signifies only the start of a grand design. Keep an eye on Resorts World. That will be a good indicator of how these dominoes — and even the old Clarion — will tumble.
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Clarion Hotel:
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http://lasvegassun.com/blogs/kats-re...ion-easy-part/
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