Thursday, April 24, 2008
Please take a second to read the article that appeared in the Las Vegas Sun newspaper yesterday. This site is directly south of Panorama Towers and it should have a positive impact for Panorama Towers in the future.
Station Casinos banking on biggest being best
Plan for huge complex in play despite economy
By Liz Benston
Wed, Apr 23, 2008 (2 a.m.)
Station Casinos owners Lorenzo Fertitta, left, and brother Frank explain their vision Tuesday for Viva, which, at $10 billion, would become the most expensive casino complex ever built.
At a time when businesses across the country are cutting back in the face of economic turmoil, the brothers at the helm of Station Casinos are accelerating plans for an enormous Las Vegas resort larger than CityCenter.
Frank and Lorenzo Fertitta, who took their company private last year with help from private equity giant Colony Capital, said in an interview Tuesday that they are going forward with plans to redevelop the site of the Wild Wild West motel and casino on Tropicana Avenue and Interstate 15.
The Fertittas said they have a detailed plan for the first phase of their Viva resort that includes three casinos and at least three hotels with as many as 5,200 rooms. The entire project, built on 110 acres over many years, would cost more than $10 billion and be larger than MGM Mirage’s $8 billion CityCenter, now under way on the Strip and expected to open in 2009 on 66 acres between Monte Carlo and Bellagio. Ultimately, the Viva complex could have 10,000 rooms.
Station Casinos’ timing would seem amiss, given the weakening national and local economies. But the Fertittas have defied skeptics here and on Wall Street by buying or building a 14-casino empire in 13 years.
Because the company is no longer publicly traded, the Fertittas do not have to answer to jittery shareholders worried about declining demand or falling share prices. But they still have to line up lenders, which they have not yet done. They said they hope the capital market will rebound before they are ready to start construction, sometime in the next two years.
Originally conceived as a single casino hotel built on a few dozen acres, plans for Viva grew exponentially as Station quietly bought or obtained rights to develop the 110-acre site, currently home to squat, nondescript warehouses and retail stores.
“It started to build upon itself, like putting together pieces of a puzzle,” Lorenzo Fertitta said.
In its expanded form, Viva will establish the Fertittas as “Strip players” and cement their legacy as casino entrepreneurs beyond their success in the neighborhood casino business — a track record long admired by their counterparts on the Strip.
“In a lot of ways, it will change the face of the company,” Lorenzo Fertitta said.
The complex will cater to tourists while also trying to lure locals, as all Strip casinos do.
The goal will be to try to strike a balance in which both tourists and locals feel comfortable, Frank Fertitta said. Other properties have attempted the same balance, with varying degrees of success. When built, Viva will top Red Rock Resort as the most expensive off-strip casino complex in history. Some Wall Street analysts said Red Rock’s $1 billion price tag was too rich for a mostly neighborhood crowd of gamblers. But the Fertittas have been happy with their long-term investment in Red Rock.
Viva, likewise, is a long-term bet on Las Vegas that they believe will help the market grow, as have previous resorts.
Viva seems certain to draw criticism from skeptics who say Las Vegas is building beyond its market. The same was said at the announcement of CityCenter and later projects, including Boyd Gaming Corp.’s $5 billion Echelon complex.
But the Fertittas, who have seen business cycles come and go, say Las Vegas will ultimately withstand the test of time.
“It’s very hard to predict cycles in the short run and know what is going to happen in the next six months or the next year,” Frank Fertitta said. “Where we’ve always placed our bets is over a five- to 10-year time horizon. When you have a solid strategy and look at the supply-demand dynamics in the Las Vegas Valley, the fact is, the population is going to continue to grow over the next 10 years and there are limited places to build locals casinos,” he said. “Ours is really a strategic plan over the long run (rather) than trying to time the market in the short run.”
Station has arguably been one of the hardest hit by the economic downturn among Las Vegas gaming companies because of its disproportionate effect on housing — an industry that to some extent drives locals casino growth. Locals operators say business has been weak because customers, though still patronizing their neighborhood casinos, are spending less money.
But the Fertittas are looking a year to two years ahead. After Aliante Station opens in North Las Vegas this year, Station hopes to break ground on Durango Station, at Durango Drive and the Las Vegas Beltway, early next year.
The company ultimately plans to build on hundreds of undeveloped acres it owns across the Las Vegas Valley, following a similar, if not more aggressive, timetable than it has followed in the past, they said. Station’s vast landholdings give it a strong market position that will only improve as Las Vegas continues to grow, the Fertittas say.
If you have any questions, or if you are looking for a bargain priced condo in Panorama Towers or even a foreclosure deal at this tower, please contact: The Stark Team 702 376-5220
Visit us on the web at www.LasVegasCondoExperts.com
Sunday, April 20, 2008
SKY Las Vegas boasts a unique location because it is situated right on the Vegas strip. Towering 45 stories high, The Stark Team, and Ezra International Realty, is offering the best unit for premium views on the strip: SKY TOWER SUITE # 4008.
Please click to take the VIDEO TOUR of SKY # 4008
Visit http://www.lasvegascondoexperts.com for more info on this and other great luxury high rises on the strip.
Sunday, March 30, 2008
Yesterday - A one bedroom condo in SKY LAS VEGAS was reduced BELOW the Seller's original cost to $ 325k!!! The original cost was over $350k & for a 780 sq. ft. luxury high rise condo on the strip - this is a break through price. Previously priced at $ 375k, this 13th floor condo, complete with granite countertops and marble floors in the kitchen & bath, jetted tub & all the luxuries SKY LAS VEGAS LIVING on the Strip has to offer. Take a TOUR OF SKY & CONTACT THE STARK TEAM to take advantage of a really fabulous bargain basement price.
Saturday, February 23, 2008
Welcome Trump International Hotel & Towers
We, at the Stark Team, are excited to be the first Las Vegas high rise real estate agents to accompany our Trump Las Vegas clients, today, February 18th, on the walk thru inspection of their beautiful studio hotel-condo at TRUMP INTERNATIONAL HOTEL & TOWERS Las Vegas. We were impressed with the simple elegance of the materials used in the lobby & corridors, not to mention the sophisticated attentiveness of the hotel personnel who greeted us. Trump Towers Las Vegas was just given its Certificate of Occupancy from the City of Las Vegas which means that the condo owners can begin taking possession of their units. The lobby has chandeliers that are the same type used in Mar-A-Lago and the finest marble and woods and wallpaper in subtle gold and taupe tones. The hallway corridors are not double loaded, with doors on both sides of the hallways, but rather are single loaded for extra privacy.I have a client who told me that you can never go wrong buying into a TRUMP Building, because over the long term - you will always do well and as I walked the lobby & saw every attention to detail that was given to the moldings and opaque doorway glass, his words echoed in my thoughts. Despite the lull that Las Vegas real estate is experiencing in the high rise condo sector, as of this writing, I expect that those TRUMP TOWERS LAS VEGAS owners who tuck these condos away in their real estate portfolios will have something quite valuable in years to come.
Contact the STARK TEAM - TRUMP TOWERS RESALE EXPERTS for the Best Values in TRUMP 702 376-5220
Thursday, February 14, 2008
Sunday, February 10, 2008
Turnberry Towers is one of the most elegant & stunning new high rises to grace the Las Vegas skyline. What I especially love about the East Tower (Tower 1) is its gorgeous views of the Las Vegas Country Club as well as the strip. I also like the fact that there is relatively little traffic on Karen Road, where the twin high rise towers are located, the proximity to the monorail, and the innovative flow thru floorplans with bi-directional balconies, and large site with tropical landscaping and every amenity possible including a high tech computerized valet & reservation system - sort of a concierge at your fingertips.
As of yesterday, Tower 1, the east Turnberry Tower, had 106 resale units on the market which exclude any remaining developer inventory. These luxury high rise condos were purchased at the peak of the market & for the buyer of 2008 - the price conscious Las Vegas condo predator(tm) - the price per square ft. is just not that attractive, despite the amazingly stunning lobby, innovative condo design. In today's market, price is key.
The West Tower, Turnberry Towers 2, will open as soon as next month at even higher prices per square ft. than Tower 1. We are now seeing MANY Turnberry Tower East units selling for as much as $100k under what the owners paid in the preconstruction stage. These owners had to put 30% down, interest free, during the preconstruction stage, then incur closing costs & mortgage payments? From an investment viewpoint, the preconstruction purchase of units in Turnberry Towers was a really poor one, despite how gorgeous these condos were. (We did not place even ONE of our clients in these towers during the preconstruction stage- little wonder we have such a loyal clientele base!). We always believe that the best way to make an good real estate investment into real estate is to make money on the way in, which always makes exiting easier. How soon will it be until we see even more huge price drops in Turnberry Towers East?
Tha Stark Team tracks the bargains and deals in each Las Vegas high rise tower. We know which owners have purchased multiple units that are vacant & which owners are becoming increasingly aggressive on their pricing. CONTACT US and ask for the high rise condo steals and deals in TURNBERRY TOWERS, they are out there. With only 4 resale units having closed in the open market - these prices have to keep on coming down. Just do the math on the absorption rate.
Interested in buying one of these amazing Turnberry Tower high rise units for a long term hold in your real estate portfolio? Register with us
Thursday, February 7, 2008
Sunday, February 3, 2008
The Seller is motivated & has the condo priced well for the premier stack in the tower!
For the latest inventory in new & resale high rises on & near the Las Vegas Strip Visit www.LasVegasCondoExperts.com and for luxury condo deals and bargains Visit www.LasVegasCondoBargains.com
Tuesday, January 29, 2008
Sunday, January 27, 2008
Panorama Towers Luxury Condos is aptly named. Just take a look at the bedazzling views. Here is another great condo deal. The Seller MUST SELL NOW! BRING ANY AND ALL OFFERS! Seller paid $ 753K - Asking $ 735k & will look at all offers! Over 1550 sq. ft. on the 10th floor with walls of window & bi-directional views! Click for More info.