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  #1481  
Old Posted Jan 31, 2007, 5:36 PM
gmcclenon gmcclenon is offline
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Originally Posted by mdiederi View Post
Saw some blue lights turned on at Sky last night.
Really? Cool. Wonder if they've thrown the power on in the building. Did it look like the lights were on inside and were shining through the blue glass or were there some sort of blue lights lighting up the outside?

I noticed they turned on the red aircraft lights on top the other week...
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  #1482  
Old Posted Jan 31, 2007, 10:20 PM
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Only saw it from about a mile away, but it looked like it was glowing blue through the glass windows, very subtle, not like bright lights pointed at the building.
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  #1483  
Old Posted Feb 1, 2007, 1:46 AM
ScottG ScottG is offline
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VIDEO of how the stardust looks today at vegastripping.com

http://www.vegastripping.com/news/news.php?news_id=1470
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  #1484  
Old Posted Feb 1, 2007, 1:51 AM
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Another Harrah’s Bid?
I don’t even begin to understand the ins and outs of high finance. After all, I don’t even have a savings account and my version of big stakes financial affairs is inserting my ATM card into the machine and hoping that money actually comes out.
But when the Las Vegas Business Press reports, in an arcane money-speak kind of way, that another bid may be in the works for Harrah’s – one that could top the recently approved $27 billion bid from a Texas-based investment group – even the financially challenged like me pay attention.

These rumors have been floating around for the last couple of weeks in various media outlets and very few details have emerged but the Las Vegas Business Press says that a major investment banking firm has stopped rating Harrah’s temporarily. Why? Well, no one is saying but it often means that said investment banking firm is advising someone who may want to buy the company – someone other than the folks who are already offering to pony up $27 billion. There has also been some serious movement in Harrah’s stock futures, which could mean that word has gotten out that another, bigger offer could be in the works.

Stay tuned.
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  #1485  
Old Posted Feb 1, 2007, 1:54 AM
ScottG ScottG is offline
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Harrah's to Sell Rio to Maloof?
January 29, 2007
We've heard all sorts of rumors about the sale of the Rio to various parties. Well, this one I can see maybe actually happening, just because it seems to actually make sense.

The Poker Prof says that the Rio is going to Maloof. We shall see.
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  #1486  
Old Posted Feb 2, 2007, 5:41 AM
ScottG ScottG is offline
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the luxor light was off tonight! i drove past at 9 pm and it was oddly dark. weirdly black in that area- that light really makes a difference. but it was off!

and i SWEAR i was something on top of the pyramid....it looked like a person was standing on the very tip of the thing....i know the over rated chris angel is doin his show there...maybe some--over rated- stunt is going on there...

i walked thru the aladin tonight too. and i must say i really like what they did. are doing to the place. the casino is one of best on the strip. i like the faux wood they have on the walls (even tho you can tell its laminate) and the black tile all over is real classy. it reflects like well. i like the silver, brown, and black theme they have goin. sexy

the mall on the other hand has yet to be touched. and that will be alot of work, they have changed some signage reading miracle mile, but that its. they are actually workin fast on the hotel. construction is constant. day and night.

oh and they are asvertisements on the new planet hollywood towers....so is coming. coming soon.
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  #1487  
Old Posted Feb 3, 2007, 1:01 AM
manabouttown
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Sky condo owners decry rooms without a view

By Brian Wargo / Staff Writer


The Sky Las Vegas condominiums on Las Vegas Boulevard near Circus Circus Drive are nearing completion.
Photo by R. Marsh Starks


For residents of the $350 million, 45-story Sky Las Vegas condo tower set to open this spring, a dark shadow is looming on the horizon

To the disbelief of many owners of the 409-unit luxury high rise on the Las Vegas Strip, the Clark County Planning Commission has given its blessing for the Maxim 300-room hotel and casino and 1,860 condominium units just south of Sky Las Vegas. Residents called the project too dense for the 8-acre site on the west side of Las Vegas Boulevard, just north of Circus Circus Drive.

Sky condo owners are now urging Clark County commissioners, which will has the final say on Feb. 7, to reject the request of Concord Wilshire Acquisitions, which based on their analysis of the drawings, would leave the residents in the dark and without the mountain and Strip views they expect.

"It looks like a wall of towers," said Bruce Hiatt, a broker and co-owner of Luxury Realty Group who along with more than 34 clients bought a condo at Sky. "My clients are outraged, and they are sending letters left and right (to commissioners) protesting this and demanding a public hearing and sitting down and talking because it's almost like putting a wall in your face."

The Sky Las Vegas condos are priced between $700,000 to in excess of $4 million. More than 50 units remain for sale.

Hiatt said owners who paid $1 million or more for a condo in the corner that has a southern view of the Strip will apparently have those Times Square-like views blocked. It also appears the Maxim project will take away sunlight from the tower and pool, residents said.

Maxim's attorneys, Kummer Kaempfer Bonner & Renshaw, are expected to argue that the project has the approval of county staff, the town board and planning commission. "We are not asking for any deviation of use permits that have not been granted to similarly-situated properties," said Chris Kaempfer, whose firm seeks entitlements for Las Vegas Valley projects, including Sky Las Vegas.

Residents said they realize they aren't entitled to views but it's wrong for developer to deviate from codes and blocks views, block sunlight, and cast shadows. That's not very neighborly, they said.

Kaempfer said views. shadows and sunlight aren't protected and said that it's considered an inescapable consequence of growth.

"Clark County commissioners have taken the position that views, especially on the Las Vegas Strip, are not a protectable interest," Kaempfer said.

The Maxim project is designed with three towers of 43, 42 and 35 stories with the highest point measuring 732 feet.

Maxim isn't entitled to that height, and instead it's left to the discretion of commissioners, said Clark County Planning Manager Chuck Pulsipher. Maxim has requested the county deviate from codes by allowing a high rise 122 feet from Las Vegas Boulevard where 200 feet is currently required.

Sky Las Vegas received a similar variance with its distance from Las Vegas Boulevard at 49 feet where 150 feet was required.

David Pourbaba, Sky's president, urged commissioners to delay any consideration of the project until Sky has a chance to conduct its own study gauging Maxim's impact. The review will take three to four months, he said.

Commissioner Chris Giunchigliani, who represents the area, said she will urge her colleagues to delay the vote to give boths sides a chance to talk. She said she hasn't taken a position at this time.

Sky officials acknowledged a property owner's right to develop its site but said any project should take into consideration the environmental and community impacts it has on the neighborhood, existing developments and city resources.

Sky Chief Executive M. Aaron Yashouafar said he's optimistic commissioners will approve a project only if it's compatible with the surroundings.

Sky residents have expressed their outrage in letters to the commission. Gregory and Barbara Abbott of Las Vegas said it's not workable to have such a high-density project next to Sky. In addition to the lost views of the mountains and Strip and loss of sunlight and moonlight, it will be more difficult for emergency vehicles to service the community given the traffic.

Avis and Elliot Titcher of Philadelphia, who plan to use their condo as a second home, said they chose their unit for its views of the Strip and mountains.

"Since our unit would be overlooking Maxim, it is a real possibility we would have to keep our shades drawn as people could look into our apartment," the Titchers wrote. "That is totally unacceptable."

There will be 175,000 square feet of casino, restaurants, retail and bars and 465,000 square feet of convention space and back-of the-house areas.

Brian Wargo covers real estate and development for In Business Las Vegas and its sister publication, the Las Vegas Sun. He can be reached at (702) 443-3604 or by e-mail at wargo@lasvegassun.com.
IBLV Homepage


Could the mentioned B. Hiatt be the same person that was so critical of the homeowners on the other side of the strip who didnt want the tall developments by them. NIMBY. When the shoe is on the other foot, it may pinch a little. As a real estate expert as he is so quick to point out, he should know that views are not protected. I think he may have even said that himself.
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  #1488  
Old Posted Feb 3, 2007, 1:06 AM
justdefended justdefended is offline
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Originally Posted by gmcclenon View Post
Good point Bruce. With MGM being so marketing savvy with their resorts, hotels and new developments - do you think they are just clueless or have they turned their backs on these condotels? I would think with the (50%?) rental revenue sharing they are doing with the owners they would come back and help with the marketing, branding and renting of these units. Maybe they are just spread a little thin with PCC and all their foreign ventures.
New to the boards. Hi everyone!

I was interested in this discussion about The Signature at MGM Grand. I know a few who will be owners in Tower C and rental income is a concern.

As a property, it definitely has what it takes to attract visitors - location, amenities, non-smoking, personalized service, and access to MGM Grand and the LV Monorail station.

I think the slow roll out in visitors is due to the fact that the project isn't complete. While technically Tower A and Tower B are open for business, the project isn't marketable to its fullest because Tower C and its ameneties aren't finished. In order for it to be marketed correctly, the entire hotel should be fully operational to advertise all of The Signature's key features. Tower C will introduce additional conference space, another Starbucks location and another Fitness Center on the property. Also, in Jan. Tower B introduced a on-site Deli called Delights at The Signature, a commodity that wasn't available when advertising Tower A.

In marketing materials, consumers don't like to hear this and that coming soon, they want a list of all the features - total room numbers available, total number of pools, listing of all eateries, total square footage of conference space, etc. As of yet, MGM can't even take a publicity photo of the three towers because of Tower C's on-going construction. The Signature website still must employ a rendering of the final three buildings.

Also, the project doesn't have a grand opening momentum like that of a hotel casino. A slashy debut with news crews around isn't going to happen for most condo hotel projects. The roll out will be much more like that of THEhotel extension at Mandalay Bay - never saw a commercial for it, but word-of-mouth spread and it has found its audience.

The promotions for The Signature are starting. I recently received an offer from MGM for The Signature that included Golf Credit, Food & Beverage Credit and a discounted rate. Funny enough, the photo enclosed Photoshopped out the Tower C construction.

Also, The Signature is currently the No. 1 most popular Las Vegas hotel on TripAdvisor, the largest travel community in the world. After only seven months on the market that's quite a feat. It continues to receive sensational reviews by visitors. The most important advertising at the moment is word of mouth and it certainly has that going for it.

Like all condo hotel projects, its a risk, and hotels wouldn't be offering the opportunity to buy into the project unless it made sense for them first. However, I think it has the ability to work. It's a new process for every owner in Vegas and it's going to take time before investors benefit from their purchase.

Last edited by justdefended; Feb 3, 2007 at 6:56 AM.
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  #1489  
Old Posted Feb 3, 2007, 4:17 AM
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Originally Posted by jazfingr View Post







Wow. Are they really going to built that thing? That is so cool. kind of reminds me of the London Eye in London.
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  #1490  
Old Posted Feb 3, 2007, 4:30 AM
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That is a dead project. The folks a Voyager do want to build a wheel in vegas, and there has been 5 failed locations. You can see them all here.
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  #1491  
Old Posted Feb 3, 2007, 4:56 AM
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And, boy, am I glad that disaster is dead.
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  #1492  
Old Posted Feb 3, 2007, 5:14 AM
PeteK PeteK is offline
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MGM Signature

Good points, justdefended. I tend to agree with your "wait and see" approach. I wanted to stay at the Signature during my upcoming trip in March, however I have a $200 lower rate from the Mirage. I still may stay at the Signature as I am very interested in seeing their product as it compares to the Cosmo and CityCenter models.

It is hard to justify the current investment in market terms when your money is on the line. Anything less than 75% occupancy will probably cost you money in real terms. What the future holds is anyone's guess but I'm sure some of the investors were looking for a quick flip and now the less than enthusiastic response to the rental program has them scrambling financially. Some of the more savvy investors are looking at these investments as a current tax loss and are betting on the future appreciation (difference between 31% ordinary income tax loss and 15% capital gain rate). In any event, short term rentals seem to be the most logical approach to these condotels.

Even though the units look really nice, I wonder how many folks will actually live there. If I had to guess I would think it would be a very small percentage. All the hype produced by the brokerage community about turning the strip into a "residential community" is bunk IMO. Changing the nature of the greatest party town in the world is not going to happen overnight. Me, I can't hardly stand more than a week in LV; I can't imagine living on the strip unless I worked there (and you will have to have a damn good paying job to afford 600k+ digs). I don't disagree that there is enough monied folks out there that can afford to have a vacation home on the strip - but the carrying charges for this luxury can really add up. If you don't rent your condo and don't live in it a significant amount of time, why would you want to own. You can "rent" at the Wynn or Bellagio at a much cheaper overall cost.

Just my opinion.
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  #1493  
Old Posted Feb 3, 2007, 5:50 AM
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jazfingr jazfingr is offline
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And, boy, am I glad that disaster is dead.
amen to that
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  #1494  
Old Posted Feb 3, 2007, 6:34 AM
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BTW, I just love (and by love, I mean find interesting) how developers in Vegas are going so aggressive with these projects in that they will totally almost literally build around other properties out of spite. lol (i.e. Jockey Club, this old Voyager proposal...) Just look at the proposal, above, it's like they are trying to completely drown out Circus Circus as if it didn't even exist.
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  #1495  
Old Posted Feb 3, 2007, 6:46 AM
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BruceH BruceH is offline
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Cool Sky Las Vegas

Quote:
Originally Posted by gmcclenon View Post
Really? Cool. Wonder if they've thrown the power on in the building. Did it look like the lights were on inside and were shining through the blue glass or were there some sort of blue lights lighting up the outside?

I noticed they turned on the red aircraft lights on top the other week...
Power has been live in the building for several weeks now. Freight elevator is the main source for the workers to go up into the tower now. Sky is looking awesome with stone walls on the first level entrance into the building from the parking garage. Lots of beautiful details appearing no one knew were being installed in http://www.luxuryrealtygroup.com/sky-las-vegas.htmlSky. Can't wait to move into it!!
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  #1496  
Old Posted Feb 3, 2007, 6:51 AM
justdefended justdefended is offline
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Originally Posted by PeteK View Post
Good points, justdefended. I tend to agree with your "wait and see" approach. I wanted to stay at the Signature during my upcoming trip in March, however I have a $200 lower rate from the Mirage. I still may stay at the Signature as I am very interested in seeing their product as it compares to the Cosmo and CityCenter models.

It is hard to justify the current investment in market terms when your money is on the line. Anything less than 75% occupancy will probably cost you money in real terms. What the future holds is anyone's guess but I'm sure some of the investors were looking for a quick flip and now the less than enthusiastic response to the rental program has them scrambling financially. Some of the more savvy investors are looking at these investments as a current tax loss and are betting on the future appreciation (difference between 31% ordinary income tax loss and 15% capital gain rate). In any event, short term rentals seem to be the most logical approach to these condotels.

Even though the units look really nice, I wonder how many folks will actually live there. If I had to guess I would think it would be a very small percentage. All the hype produced by the brokerage community about turning the strip into a "residential community" is bunk IMO. Changing the nature of the greatest party town in the world is not going to happen overnight. Me, I can't hardly stand more than a week in LV; I can't imagine living on the strip unless I worked there (and you will have to have a damn good paying job to afford 600k+ digs). I don't disagree that there is enough monied folks out there that can afford to have a vacation home on the strip - but the carrying charges for this luxury can really add up. If you don't rent your condo and don't live in it a significant amount of time, why would you want to own. You can "rent" at the Wynn or Bellagio at a much cheaper overall cost.

Just my opinion.
I agree PeteK. It is much cheaper to rent out stays at any major hotel and choose to switch each time!

I believe that most investing in the condo hotel business see it as a long-term investment. While there are those who would like to flip the property, most want to own a vacation home in the middle of the strip and make some rental income for it on the side. This clearly isn't an investment to gamble with if you can't afford it.

I think appreciation should hold for the most luxury properties, particularly those connected to a strong brand name. The current $10B in investment in Harmon Ave. alone (CityCenter, Cosmopolitan, Signature) should make an impact in property value in the long term.

It is interesting to see the buying trend at CityCenter. MGM says that the interest is split into thirds among The Residences at Mandarin Oriental (residential), Veer (residential), and Vdara (condo hotel). The first two projects definitely make attractive trophy homes to international buyers.
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  #1497  
Old Posted Feb 3, 2007, 6:54 AM
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Cool Sky-Maxim

Quote:
Originally Posted by manabouttown View Post
Sky condo owners decry rooms without a view

By Brian Wargo / Staff Writer


The Sky Las Vegas condominiums on Las Vegas Boulevard near Circus Circus Drive are nearing completion.
Photo by R. Marsh Starks


For residents of the $350 million, 45-story Sky Las Vegas condo tower set to open this spring, a dark shadow is looming on the horizon

To the disbelief of many owners of the 409-unit luxury high rise on the Las Vegas Strip, the Clark County Planning Commission has given its blessing for the Maxim 300-room hotel and casino and 1,860 condominium units just south of Sky Las Vegas. Residents called the project too dense for the 8-acre site on the west side of Las Vegas Boulevard, just north of Circus Circus Drive.

Sky condo owners are now urging Clark County commissioners, which will has the final say on Feb. 7, to reject the request of Concord Wilshire Acquisitions, which based on their analysis of the drawings, would leave the residents in the dark and without the mountain and Strip views they expect.

"It looks like a wall of towers," said Bruce Hiatt, a broker and co-owner of Luxury Realty Group who along with more than 34 clients bought a condo at Sky. "My clients are outraged, and they are sending letters left and right (to commissioners) protesting this and demanding a public hearing and sitting down and talking because it's almost like putting a wall in your face."

The Sky Las Vegas condos are priced between $700,000 to in excess of $4 million. More than 50 units remain for sale.

Hiatt said owners who paid $1 million or more for a condo in the corner that has a southern view of the Strip will apparently have those Times Square-like views blocked. It also appears the Maxim project will take away sunlight from the tower and pool, residents said.

Maxim's attorneys, Kummer Kaempfer Bonner & Renshaw, are expected to argue that the project has the approval of county staff, the town board and planning commission. "We are not asking for any deviation of use permits that have not been granted to similarly-situated properties," said Chris Kaempfer, whose firm seeks entitlements for Las Vegas Valley projects, including Sky Las Vegas.

Residents said they realize they aren't entitled to views but it's wrong for developer to deviate from codes and blocks views, block sunlight, and cast shadows. That's not very neighborly, they said.

Kaempfer said views. shadows and sunlight aren't protected and said that it's considered an inescapable consequence of growth.

"Clark County commissioners have taken the position that views, especially on the Las Vegas Strip, are not a protectable interest," Kaempfer said.

The Maxim project is designed with three towers of 43, 42 and 35 stories with the highest point measuring 732 feet.

Maxim isn't entitled to that height, and instead it's left to the discretion of commissioners, said Clark County Planning Manager Chuck Pulsipher. Maxim has requested the county deviate from codes by allowing a high rise 122 feet from Las Vegas Boulevard where 200 feet is currently required.

Sky Las Vegas received a similar variance with its distance from Las Vegas Boulevard at 49 feet where 150 feet was required.

David Pourbaba, Sky's president, urged commissioners to delay any consideration of the project until Sky has a chance to conduct its own study gauging Maxim's impact. The review will take three to four months, he said.

Commissioner Chris Giunchigliani, who represents the area, said she will urge her colleagues to delay the vote to give boths sides a chance to talk. She said she hasn't taken a position at this time.

Sky officials acknowledged a property owner's right to develop its site but said any project should take into consideration the environmental and community impacts it has on the neighborhood, existing developments and city resources.

Sky Chief Executive M. Aaron Yashouafar said he's optimistic commissioners will approve a project only if it's compatible with the surroundings.

Sky residents have expressed their outrage in letters to the commission. Gregory and Barbara Abbott of Las Vegas said it's not workable to have such a high-density project next to Sky. In addition to the lost views of the mountains and Strip and loss of sunlight and moonlight, it will be more difficult for emergency vehicles to service the community given the traffic.

Avis and Elliot Titcher of Philadelphia, who plan to use their condo as a second home, said they chose their unit for its views of the Strip and mountains.

"Since our unit would be overlooking Maxim, it is a real possibility we would have to keep our shades drawn as people could look into our apartment," the Titchers wrote. "That is totally unacceptable."

There will be 175,000 square feet of casino, restaurants, retail and bars and 465,000 square feet of convention space and back-of the-house areas.

Brian Wargo covers real estate and development for In Business Las Vegas and its sister publication, the Las Vegas Sun. He can be reached at (702) 443-3604 or by e-mail at wargo@lasvegassun.com.
IBLV Homepage


Could the mentioned B. Hiatt be the same person that was so critical of the homeowners on the other side of the strip who didnt want the tall developments by them. NIMBY. When the shoe is on the other foot, it may pinch a little. As a real estate expert as he is so quick to point out, he should know that views are not protected. I think he may have even said that himself.
It's not about views as they never have been protected. It's about extreme setback variances, how one project impacts another adjacent to it, a master planned perspective now that residential condos are coming into the Strip. City Center residential owners will pay all the way up to $3,000 a sq foot for the top of the Mandarin Oriental. Things are in a state of change now on the Strip and that's been my point all along. Future projects are going to have a difficult time being accepted in isolation of their adjacent properties. The County Commissioners are on record multiple times with those points.
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  #1498  
Old Posted Feb 3, 2007, 11:55 PM
bobmcelligott bobmcelligott is offline
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Talking manabouttown

Quote:
Originally Posted by BruceH View Post
It's not about views as they never have been protected. It's about extreme setback variances, how one project impacts another adjacent to it, a master planned perspective now that residential condos are coming into the Strip. City Center residential owners will pay all the way up to $3,000 a sq foot for the top of the Mandarin Oriental. Things are in a state of change now on the Strip and that's been my point all along. Future projects are going to have a difficult time being accepted in isolation of their adjacent properties. The County Commissioners are on record multiple times with those points.
Hey Bruce

Don't pay attention to this manabouttown loser. Have your read most of his comments. He only spews angry "I amounted to anyting so I'll vent on those who do" bs rhetoric to those of us trying to enjoy and comment on all the wonderful changes going on in Las Vegas. Somebody hug that guy.
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  #1499  
Old Posted Feb 4, 2007, 12:25 AM
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Cool Manabouttown comments

Quote:
Originally Posted by bobmcelligott View Post
Hey Bruce

Don't pay attention to this manabouttown loser. Have your read most of his comments. He only spews angry "I amounted to anyting so I'll vent on those who do" bs rhetoric to those of us trying to enjoy and comment on all the wonderful changes going on in Las Vegas. Somebody hug that guy.
Appreciate your kind remarks Bob.

I wonder how MGM feels about the Maxim project impact regarding future valuation of their Circus Circus property with so much high density traffic pouring onto Circus Circus Drive? Can't imagine MGM being too excited about such heavy traffic when they either attempt to sell the Circus Circus land or redevelop it into a high end property like its neighbors. This surely is a consideration if MGM creates the hotel property REIT spinoff being discussed in financial circles now.
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  #1500  
Old Posted Feb 4, 2007, 2:30 AM
ScottG ScottG is offline
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so remember how alot of hotels got temporary sigage glued to their facades? -tony braxton, hairspray, prince, that rio horse show, etc. Remember?


well MORE hotel are getting dressed up. the ba all star thing is in town and there are alot of ads for adidas clothing. the mgm has a huge ad on its front. ballys has a huge shoe ad.

mandalay bay is getting one, and so it luxor.

i think all the mgm/mirage/mandalay hotels are getting big money from these companies for giving great advertisement space.
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