LAS VEGAS [AP] -- Reports — — Years of talk about building a Las Vegas NV Strip arena capable of hosting professional sports yielded an announcement Tuesday casino giant MGM Resorts International & entertainment company AEG will build a privately financed 20,000-seat indoor place on the - Las Vegas NV Strip.

Las Vegas-based MGM Resorts & Los Angeles-based AEG asserted in a joint announcement construction should start next summer on the - $350-million arena on land the - casino company owns between the - New York-New York & Monte Carlo resorts, close to Interstate 15. Completion is expected by spring 2016.

The companies asserted the - international design firm Populous will draw up plans for premium seating & hospitality areas for entertainment & sports events. Populous designed London’s O2 arena, Berlin’s O2 World arena & Kansas City’s Sprint Center, among other projects.

“Finalizing our agreement with AEG & selecting Populous … are both noteworthy milestones in this process,” asserted Jim Murren, MGM Resorts International chairman & chief financial officer.

MGM Resorts & AEG expect their equity contributions will be augmented by private third-party financing from as-yet unnamed sources. Naming rights are on the - table. No professional sports teams have committed to the - deal.

The arena is expected to be a centerpiece of an outdoor pedestrian mall featuring restaurants & retail shops stretching from Las Vegas NV Boulevard to Frank Sinatra Drive.

Dan Beckerman, AEG president & chief executive, noted his company spent years of time talking with potential arena developers in Las Vegas NV before signing with MGM Resorts.

“Bringing together the - knowledge, experience & assets of our respective organizations, we will create an arena in that offers fans the - best live entertainment experience,” he said.

Tuesday’s announcement signaled an end to an arena proposal by casino company Caesars Entertainment Corporation for a similarly-sized arena on land it owns on the - other side of Las Vegas NV Boulevard.

“Once you’ve received spectators going through the - turnstiles the - race will be over,” asserted David Schwartz, director of the - Center for Gaming Research at the - University of Nevada, Las Vegas. “But this unquestionably looks promising. Not only is MGM buying in to it, yet an outside company in that knows arena management.”

AEG had been in talks with Caesars about building a $500 million arena funded by a 1 % sales tax on purchases within a 3-mile radius. A ballot measure failed to make it to a statewide vote last November.

AEG moreover produces shows at the - 4,300-seat Colosseum at Caesars Palace, home place for singer Celine Dion.

Ted Fikre, AEG vice chairman, asserted Tuesday the - arena on MGM Resorts property proved the - most attractive attractive of several his company explored over the - years of time in Las Vegas NV — — without the - “risks & challenges in that have doomed prior projects relying on public funding.”

Former Las Vegas NV mayor Oscar Goodman tried for years of time to entice a developer to build an arena downtown in that would be newer & larger than the - Thomas & Mack Center at UNLV. Goodman frequently asserted he wanted to attract a pro hockey or basketball franchise.

The Thomas & Mack opened in 1983 & hosts events such as the - NCAA Mountain West Conference men’s basketball tournament & National Finals Rodeo. It has a capacity of about 19,500 spectators for boxing events, & less than 19,000 for basketball.

Three casino companies have other large arenas around town, in addition to the - Mandalay Bay Events Center in that can seat 12,000.

The MGM Grand Garden Arena opened in 1993 with a capacity of just less than 17,000 spectators. It hosted the - Pac 12 men’s basketball tournament last March.

The Orleans Arena opened in 2003 adjacent to the - Orleans casino-hotel. It can seat about 9,500 for boxing, & just less than 8,000 for hockey & basketball.

It plays home to the - professional minor-league Las Vegas NV Wranglers hockey team, & hosted Western Athletic Conference & West Coast Conference basketball tournaments.

Original Source here [Cached]

New York Governor Andrew Cuomo struck a deal with lawmakers to license four Las Vegas-style casinos as part of a plan to boost the - upstate economy, according to a human being familiar with the - agreement. Voters will have the - final state in November.

Under New York law, gambling measures must be approved in two consecutive legislative sessions, followed by a public referendum. Lawmakers passed Cuomo’s plan last year & agreed today to pass it before the - current session ends this week, asserted the - person, who asked not to be identified as the - negotiations continue.

The measure would create two rounds of casino licensing, the - human being said. The 1st calls for four facilities upstate. Seven years of time after those licenses are sold, the - 2nd round would permit another three casinos in locations to be determined.

Lawmakers moreover agreed to pass a Cuomo initiative to create tax-free zones at State University of New York campuses, in addition to Binghamton, Oneonta & Buffalo, the - human being said. They moreover backed the - governor’s call for an advisory panel to assist fiscally distressed local governments reorganize & merge, a step meant to avert state-imposed control boards such as those in that oversee Nassau County & Buffalo, Cuomo asserted in a statement.

Reviving Economy

The casino & other measures are part of Cuomo’s plan to assist revive the - upstate economy. The cost of government in the - region climbed 47 % from 2000 to 2010 as the - population dropped by 1.4 percent, Cuomo has said.

The Associated Press -- Reports reported the - casino agreement earlier.

New York already has five full casinos, which are operated by Indian tribes under federal law. In addition, the - state allows video slot machines at nine race courses, in addition to Aqueduct Racetrack in New York City’s Queens borough & Yonkers Raceway about 18 miles (30 kilometers) north of Manhattan.

The New York Gaming Association, which represents horse tracks with slots, opposes an amendment to permit nontribal casinos. The group wanted the - state to allow “racinos” to expand to Las Vegas-style casinos instead, James Featherstonhaugh, head of the - association, asserted June 11 in a statement.

Cuomo asserted in a radio interview broadcast June 17 in that the - association’s influence creates a “tricky” political situation.

Competitive Process

“These racinos are well-financed players,” Cuomo said. “I’m not going to just donate this franchise to anyone. It’s going to go to the - highest bidder with the - best record.”

To advance the - casino proposal, Cuomo struck cheap deals with tribal groups, in addition to the - Oneidas in central New York, the - Mohawks near the - Canadian border & the - Senecas in western New York, guaranteeing an exclusivity zone around each of their casinos. Those accords have left only three of six regions slated for full gambling licenses: the - Saratoga-Capital District, the - Hudson Valley-Catskills area & the - Southern Tier near the - Pennsylvania state line.

Foxwoods Resort Casinos & Muss Development LLC, a New York City company, agreed June 11 to build a resort on 500 acres in Liberty, about 100 miles northwest of Manhattan in the - Catskills. The accord would still be subject to passage of the - constitutional amendment & state gaming commission approval.

Las Vegas Sands Corporation (LVS), the - company controlled by billionaire Sheldon Adelson that’s the - biggest U.S.-based casino operator, has asserted it has no interest in expanding in the - state outside New York City.

Revenue Sharing

The new casinos would share revenue with surrounding counties while moreover generating jobs as they draw tourists from New York City, Cuomo has said. All of that, along with the - tax-free zones & the - fiscal advisory panel, will assist local governments restrain taxes & maintain services, he has said.

Companies & their employees who are new to the - state & move in to the - zones around the - colleges won’t have to pay corporate, income or property taxes for 10 years of time under today’s agreement.

The municipal advisory panel will assist cut costs, in part by limiting raises for police & firefighter unions in that work for municipalities deemed to be fiscally distressed, based on the - state’s 2 % cap on property-tax increases, according to the - measure. The panel will moreover advise local authorities on how to combine services across jurisdictions, such as human resources, & provide grants to assist them do so.

The governor & lawmakers did not reach a deal on several measures proposed by Cuomo & designed to pursue corruption in Albany after the - arrests of two senators & an assemblyman since April. Cuomo has asserted if lawmakers don’t pass the - bills, which contain public crusade funding, & donate new powers to local prosecutors & the - state board of election to probe corrupt officials, he’ll create a so-called Moreland Commission in that will use its subpoena powers to root out wrongdoing.

To contact the - reporter on this story: Freeman Klopott in Albany, New York, at fklopott@bloomberg.net

To contact the - editor responsible for this story: Stephen Merelman at smerelman@bloomberg.net

Original Source here [Cached]

Celebrity chefs & landmark restaurants continue to come & go in Las Vegas. One of the - latest is Carmine’s, based on New York’s Upper West Side & with locations moreover in Times Square, Atlantic City, Washington, D.C., & the - Bahamas. Carmine’s is scheduled to open in July at the - Forum Shops at Caesars. Here’s a recipe from the - restaurant’s cookbook.

LINGUINE WITH RED SHRIMP SAUCE

¼ cup olive oil

2 tablespoons coarsely chopped garlic

12 fresh oregano leaves, chopped

8 fresh basil leaves, sliced

2 tablespoons chopped flat-leaf parsley

10 ounces canned Italian plum tomatoes, drained & coarsely chopped

¼ cup dry white wine

2¼ cups clam juice

20 large shrimp, peeled & deveined

Salt & freshly ground black pepper

12 ounces dried linguine

In a large saute pan, heat the - olive oil over medium-high heat. When the - oil is hot, add the - garlic & cook it, stirring, for about 1 minute, or until it is golden brown. Take care not to let the - garlic burn.

Add the - oregano, basil & parsley. Cook the - mixture, stirring, for 30 seconds.

Add the - tomatoes, raise the - heat to high & cook the - mixture for 3 minutes. Add the - wine & cook it for 2 minutes, or until most of the - wine has evaporated. Add the - clam juice, reduce the - heat to medium & simmer the - sauce for 3 to 4 minutes, or until the - liquid is reduced by half.

Add the - shrimp, lower the - heat & cook the - sauce for 1 minute. Remove the - shrimp & set it aside. Season the - sauce to taste with salt & pepper. Just before serving, reheat the - sauce so in that it bubbles.

Return the - shrimp to the - pan & cook in the - bubbling sauce for about 1 minute, or until cooked through.

Meanwhile, in a large pot of boiling salted water, cook the - linguine for 7 to 8 minutes, or until it is al dente.

Drain the - pasta well & transfer it to a platter. Immediately ladle the - sauce over the - pasta.

Mix well & serve.

Serves 2 to 4.

— Recipe from “Carmine’s Family-Style Cookbook” by Michael Ronis with Mary Goodbody (St. Martin’s Press, $29.95)

FOOD FINDS

For Leslie Fay, Ann Brown faxed in that Toscano Salumi can be found at Siena Deli at 9500 W. Sahara Ave. …

For Grace Catalano, who’s looking for Perdue chicken, Marilyn Watt emailed in that Foster Farms is “the Perdue” of the - West, & in that after a visit back East, she decided Foster Farms is better. But Watts added in that she recommends only organic chicken free (no cost) of antibiotics & added hormones. …

And for readers looking for fried alligator, Paige & Linda Livingston recommended Rhythm Kitchen, 6435 S. Decatur Blvd., where they asserted you can get it Southern-fried or blackened. …

Reader requests

Frank James: whole cut-up frying chickens;

Bob Serres: Norwegian lefse;

And Lori Osmany: scungili (conch), either fresh, canned or frozen.

Readers?

Submit information to Heidi Knapp Rinella, P.O. Box 70, Las Vegas, NV 89125-0070. You moreover can send faxes to 383-4676 or email her at hrinella@reviewjournal.com. Include your 1st & last names and, if emailing, put “Taste of the - Town” in the - subject line. Follow @HKRinella on Twitter.

Original Source here [Cached]

Gwyneth Paltrow sported a silk blouse & high-waisted trousers for the - 2013 Licensing Expo at the - Mandalay Bay Hotel & Casino in Las Vegas NV on Tuesday. She posed for photos with her close pal & business partner Tracy Anderson at the - event, which highlights emerging trends & potential partnerships for branding opportunities. Gwyneth presented the - keynote speech discussing her brand Goop at the - expo on Tuesday morning. She was after joined by Tracy for a Q&A about their success in building the - fitness expert’s growing lifestyle brand, which includes The Food Program by Tracy Anderson.

Gwyneth arrived in Las Vegas after spending time in Chicago for the Gene Siskel Film Center Gala over the - weekend. She was honored with the - prestigious Renaissance Award for her work in film, & she engaged with fans & acting teachers for a retrospective of her movie career. Before heading to the - States, Gwyneth relaxed for a romantic stroll with husband Chris Martin in their London neighborhood over the - weekend.

Original Source here [Cached]

Original Source here [Cached]

We maintain our Neutral recommendation on the - U.S. based casino controller Las Vegas Sands Corp. ( LVS ). Although Las Vegas NV Sands’ strong brand name & expansion strategy will bode well for future growth, an uncertain economic condition & heavy reliance on debt financing remains a spot of bother for the - company.

Why the - Reiteration?

Las Vegas Sands, the - leader in the - gaming & lodging industry, is well poised to grow with the - gradual economic recovery. Apart from the - U.S. & Chinese markets, the - company is venturing in to new emerging markets for further expansion, which would assist it to withstand any regional downturn.

With the - rise in gaming volume as well as noteworthy contributions from the - other non-gaming components, the - company continues to register higher revenue growth at its Macao properties. Currently, it generates over 80% of its revenues from this region. Moreover, we believe in that Sands Cotai Central project in Cotai Strip, when complete, will represent a noteworthy expansion of the - company’s Macao presence & will drive its visitation, moving forward.

The company’s business in the - Las Vegas NV market seems to be gaining traction after a weak quarter. With the - rise in leisure demand, the - visitation pattern in the - resort city is improving. This Zacks Rank #2 (Buy) company is moreover concentrating on the - renovations & promotions of its Las Vegas NV properties in order to augment its performance, going ahead.

Moreover, the - company’s business at Marina Bay Sands in Singapore appears to be stabilizing. Mass revenues are showing signs of improvement following the - company’s new marketing programs & higher traffic growth.

Despite improving revenue growth prospects, the - high debt level keeps us on the - sidelines.

Moreover, we are skeptical about the - favorable completion of the - company’s European integrated resort project — EuroVegas — in Madrid, Spain as it is subject to various terms & conditions of the - government. Moreover, the - company’s recent suspension of a high-rise residential condominium tower in the - Las Vegas NV Strip can weigh on the - company’s margin side in the - coming quarters.

Las Vegas Sands’ upcoming project at Cotai in Macao will be up against other U.S.-based casino operators such as Wynn Resorts Ltd. ( WYNN ) & MGM Resorts International ( MGM ) in that are moreover constructing casinos on the - Cotai Strip. These new openings may restrict the - company’s market share in the - region, going ahead.

Other Stocks to Consider

Another stock from the - same industry with a favorable Zacks Rank is Monarch Casino & Resort Inc. ( MCRI ) carrying a Zacks Rank #1 (Strong Buy).

LAS VEGAS SANDS (LVS): Free Stock Analysis Report

MONARCH CASINO (MCRI): Free Stock Analysis Report

MGM RESORTS INT (MGM): Free Stock Analysis Report

WYNN RESRTS LTD (WYNN): Free Stock Analysis Report

To read this article on Zacks.com click here.

Zacks Investment Research

The views & opinions expressed herein are the - views & opinions of the - author & do not necessarily reflect those of The NASDAQ OMX Group, Inc.

Original Source here [Cached]

We maintain our Neutral recommendation on the - U.S. based casino controller Las Vegas Sands Corp. (LVS). Although Las Vegas NV Sands’ strong brand name & expansion strategy will bode well for future growth, an uncertain economic condition & heavy reliance on debt financing remains a spot of bother for the - company.

Why the - Reiteration?

Las Vegas Sands, the - leader in the - gaming & lodging industry, is well poised to grow with the - gradual economic recovery. Apart from the - U.S. & Chinese markets, the - company is venturing in to new emerging markets for further expansion, which would assist it to withstand any regional downturn.

With the - rise in gaming volume as well as noteworthy contributions from the - other non-gaming components, the - company continues to register higher revenue growth at its Macao properties. Currently, it generates over 80% of its revenues from this region. Moreover, we believe in that Sands Cotai Central project in Cotai Strip, when complete, will represent a noteworthy expansion of the - company’s Macao presence & will drive its visitation, moving forward.

The company’s business in the - Las Vegas NV market seems to be gaining traction after a weak quarter. With the - rise in leisure demand, the - visitation pattern in the - resort city is improving. This Zacks Rank #2 (Buy) company is moreover concentrating on the - renovations & promotions of its Las Vegas NV properties in order to augment its performance, going ahead.

Moreover, the - company’s business at Marina Bay Sands in Singapore appears to be stabilizing. Mass revenues are showing signs of improvement following the - company’s new marketing programs & higher traffic growth.

Despite improving revenue growth prospects, the - high debt level keeps us on the - sidelines.

Moreover, we are skeptical about the - favorable completion of the - company’s European integrated resort project — EuroVegas — in Madrid, Spain as it is subject to various terms & conditions of the - government. Moreover, the - company’s recent suspension of a high-rise residential condominium tower in the - Las Vegas NV Strip can weigh on the - company’s margin side in the - coming quarters.

Las Vegas Sands’ upcoming project at Cotai in Macao will be up against other U.S.-based casino operators such as Wynn Resorts Ltd. (WYNN) & MGM Resorts International (MGM) in that are moreover constructing casinos on the - Cotai Strip. These new openings may restrict the - company’s market share in the - region, going ahead.

Other Stocks to Consider

Another stock from the - same industry with a favorable Zacks Rank is Monarch Casino & Resort Inc. (MCRI) carrying a Zacks Rank #1 (Strong Buy).

Read the - Full Research Report on LVS

Read the - Full Research Report on WYNN

Read the - Full Research Report on MGM

Read the - Full Research Report on MCRI

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Original Source here [Cached]

LAS VEGAS — Three major resort projects in Las Vegas NV could be the - boost the - local economy needs. The construction & hospitality industries have struggled since the - recession, yet signs of a rebound are emerging.

For years, Las Vegas NV looked forward to multi-billion dollar megaresorts, yet when the - economy tanked, those projects stalled.

The sound of construction is once again being heard in the - Las Vegas NV valley. Crews are working to demolish the - old burned out Key Largo casino on Flamingo Road. That property is next to where Asian investors want to build a new resort at Flamingo & Paradise Roads.

The proposed 30-story, 800 room Dynasty Resort hotel would be at the - current Fortune Hotel & Suites location.

“Actually, since I’ve been on the - commission, this is the - 1st new gaming property in that I’ve seen.” asserted Clark-County NV Commissioner Mary Beth Scow. ”I think this is a very acceptable sign in that we’re on an upswing.” 

County commissioners on Wed. began looking at expanding the - gaming district – a necessary first step to donate the - hotel the - go-ahead.

“It’s a very thrilling project. I think it will be a real boost to in that area,” Scow said.

Commissioners are moreover closely tracking two other developments on the - Las Vegas NV Strip. Resort World Las Vegas NV will be picking up where the - Echelon failed at the - site of the - old Stardust hotel. That company is asking the - zoning commission for permission to build two preview centers. And the - Penta Building Group is doing major work at SLS Las Vegas, which is on the - site of the - former Sahara hotel.

“Our biggest project, actually it’s the - biggest contract we’ve seen since pre-recession has-been the - SLS hotel casino,” asserted Jeff Ehret, Penta’s president.

He is ”cautiously optimistic” on the - future of Las Vegas.

“Jobs, we’re unquestionably hiring. We received down, just to put it in to perspective, pre-recession, we had 500 craft workers & 180 salaried. Depths of the - recession, we went from 500 craft workers to 30, & our salaried staff reduced in half,” he said.

Ehret predicts the - growth will be slower than in the - past yet welcomed in a city that has seen little construction in recent years. 

Original Source here [Cached]

Las Vegas, NV (KTNV) — AEG & MGM Resorts International have completed agreements, formalizing the - details of a previously formally announced joint venture to build a new arena in Las Vegas.

It will be the - centerpiece of a complete revitalization of the - area between New York-New York & Monte Carlo resorts, extending from Las Vegas NV Boulevard to Frank Sinatra Drive.

They have selected Populous to design the - new approximately 20,000-seat indoor arena.

The arena is expected to break ground in summer 2014, with the - grand opening projected for spring 2016.

The project is expected to cost approximately $350 million.

“The combination of MGM & AEG, along with the - superior Las Vegas NV Strip location, is already driving interest from potential investors in this thrilling new development,” asserted Jim Murren, MGM Resorts International Chairman & Chief Executive Officer.

Populous is underway creating designs for the - area, with the - hope it’ll become the - premier destination in Las Vegas NV for sporting events, major headline entertainment & special events.

Original Source here [Cached]

A new eatery inside The Forum Shops at Caesars Palace aims to hire more than 300 people to positions.

Carmine’s Italian restaurant is set to open in a 27,000-square foot space in July.

The New York-based restaurant asserted it will be holding a job fair on Wed. at the - eatery’s space inside the - Las Vegas NV Strip shopping area.

The job fair is scheduled from 9 a.m. to 4 p.m.

Positions for the - family style eatery contain the - following:

• Maitre d’hotel
• Servers
• Bartenders
• Bar Backs
• Baristas
• Hosts
• Bussers
• Butchers
• Bakers
• Porters
• Broilers
• Expos

To download an application, you can visit carminesnyc.com/employment.

Copyright 2013 KVVU (KVVU Broadcasting Corporation). All rights reserved.

Original Source here [Cached]

LAS VEGAS [AP] -- Reports — A Florida-based thrill ride developer is looking for federal approval for air space to allow a 650-foot-tall roller coaster on the - Las Vegas NV Strip.

U.S. Thrill Rides LLC, of Windmere, Fla., submitted a request in April to the - Federal Aviation Administration for the - ride in that would be called the - Polercoaster, the - company’s president, Michael Kitchen, asserted Tuesday.

Kitchen didn’t dispute telling the - Las Vegas NV Review-Journal (http://bit.ly/19L8Vfb ) the - project could cost $100 million & in that financing isn’t complete. He asserted it would be the - tallest roller coaster in the - world.

Kitchen told The Associated Press -- Reports in that it was too early to talk publicly about the - development plan.

“We need to decline an interview & cannot comment at this time on any specific project in Vegas,” he said.

The application shows the - tower at the - Tropicana Las Vegas NV hotel-casino on the - south end of the - Strip resort corridor.

The FAA will assess hazards to air traffic at nearby McCarran International Airport. Clark-County NV authorities would use the - FAAs feedback in deciding whether to issue permits.

The structure would be about half as high as the - 1,149-foot Stratosphere tower at the - north end of the - Strip, & would be topped by an observation deck, dining & retail.

Kitchen provided renderings showing a tower with two glass elevators to transport sightseers to an observation platform. A spiral track guides eight passenger cars for a swift ride featuring several twists, turns & loops in that stretch from the - top of the - tower to the - bottom.

___

Information from: Las Vegas NV Review-Journal, http://www.lvrj.com

Original Source here [Cached]

LAS VEGAS, Nev. – Years of talk about building an arena capable of hosting professional sports & big-name concerts yielded an announcement Tuesday in that casino giant MGM Resorts International & entertainment company AEG will build a privately financed 20,000-seat indoor place on the - Las Vegas NV Strip.

Construction on the - $350 million arena should start next summer on land in that MGM Resorts owns between the - New York-New York & Monte Carlo resorts, the - two companies asserted in a joint announcement. Completion is expected by spring 2016.

The international design firm Populous will draw up plans for premium seating & hospitality areas for entertainment & sports events, the - acknowledgment said. Populous designed London’s O2 arena, Berlin’s O2 World arena & Kansas City’s Sprint Center, among other projects.

“Finalizing our agreement with AEG & selecting Populous … are both noteworthy milestones in this process,” asserted Jim Murren, MGM Resorts International chairman & chief financial officer.

Las Vegas-based MGM Resorts & Los Angeles-based AEG expect their equity contributions will be augmented by private third-party financing from as-yet unnamed sources. Naming rights are on the - table. No professional sports teams have committed to the - deal.

The arena is expected to be a centerpiece of an outdoor pedestrian mall featuring restaurants & retail shops stretching from Las Vegas NV Boulevard to Frank Sinatra Drive, visible from Interstate 15.

Dan Beckerman, AEG president & chief executive, noted in that his company spent years of time talking with potential arena developers in Las Vegas NV before signing with MGM Resorts.

“Bringing together the - knowledge, experience & assets of our respective organizations, we will create an arena in that offers fans the - best live entertainment experience,” he said.

Tuesday’s announcement signalled an end to an arena proposal by casino company Caesars Entertainment Corporation for a similarly-sized arena on land it owns on the - other side of Las Vegas NV Boulevard.

“Once you’ve received spectators going through the - turnstiles the - race will be over,” asserted David Schwartz, director of the - Center for Gaming Research at the - University of Nevada, Las Vegas. “But this unquestionably looks promising. Not only is MGM buying in to it, yet an outside company in that knows arena management.”

AEG had been in talks with Caesars about building a $500 million arena funded by a 1 per cent sales tax on purchases within a 3-mile radius. A ballot measure failed to make it to a statewide vote last November.

AEG moreover produces shows at the - 4,300-seat Colosseum at Caesars Palace, home place for singer Celine Dion.

Ted Fikre, AEG vice chairman, asserted Tuesday in that the - arena on MGM Resorts property proved the - most attractive attractive of several his company explored over the - years of time in Las Vegas NV — — without the - “risks & challenges in that have doomed prior projects relying on public funding.”

Former Las Vegas NV Mayor Oscar Goodman tried for years of time to entice a developer to build an arena downtown in that would be newer & larger than the - Thomas & Mack centre at UNLV. Goodman frequently asserted he wanted to attract a pro hockey or basketball franchise.

The Thomas & Mack opened in 1983 & hosts events such as the - NCAA Mountain West Conference men’s basketball tournament & National Finals Rodeo. It has a capacity of about 19,500 spectators for boxing events, & under 19,000 for basketball.

Three casinos have other large arenas around town, in addition to MGM Resorts’ Mandalay Bay Events Center. It can seat 12,000.

The parent company’s MGM Grand Garden Arena opened in 1993 with a capacity of just under 17,000 spectators. It hosted the - Pac 12 men’s basketball tournament last March.

The Orleans Arena opened in 2003 adjacent to Boyd Gaming Corp.’s Orleans casino-hotel. It can seat about 9,500 for boxing, & just under 8,000 for hockey & basketball. It plays home to the - professional minor-league Las Vegas NV Wranglers hockey team, & hosted Western Athletic Conference & West Coast Conference basketball tournaments.

_____

Find Ken Ritter on Twitter: http://twitter.com/krttr

Original Source here [Cached]

The newest attraction on the - Las Vegas NV Strip may not be a new hotel, casino or nightclub yet a 650-foot roller coaster.

If a coaster of this size were to be built, it would be the - world’s tallest. Currently, the - tallest in the - world is the - 456-foot tall Kingda Ka at New Jersey’s Six Flags Great Adventure.

Florida-based U.S. Thrill Rides submitted an application in April to the - Federal Aviation Administration for the - so-called “Polercoaster.” The application is classified as a “work in progress.”

Polercoaster is designed to be two attractions in one: a roller coaster & an observation tower. The coaster, according to Michael Kitchen, president of U.S. Thrill Rides, would have a very small footprint.

That’s a necessity in a city as developed as Las Vegas. Most roller coasters take up several acres of land.

The Polercoaster, Kitchen said, “loads from the - bottom, takes patrons to breathtaking heights up the - center of the - tower & then descends down around the - structure with multiple inversions, loops & direction changes.”

US Thrill Rides

A rendering of the - proposed Polercoaster. The… View Full Size

Check out the - Coolest New Coasters of Summer 2013

Federal law requires developers to donate the - FAA the - possibility to review any structure more than 200 feet tall to determine if it could pose a hazard to aircraft or navigation aids and, if so, whether the - hazard could be mitigated. It’s up to the - local government to decide whether to issue a building permit.

For those who’d prefer to skip the - drops & loops, there’s the - observation deck. The U.S. Thrill Rides website asserted the - observation tower would be serviced by two glass elevators. “This allows operators to use the - two levels on top as an observation deck & retail-restaurant space, providing additional revenue,” the - website reads.

According to a map filed with the - FAA application, the - site of the - Polercoaster appears to be at or very near the - Tropicana Las Vegas. Tropicana Chief Marketing Officer Fred Harmon would not comment specifically on the - proposal. “We have been approached by many companies, given the - quality of our location. However, no commitments have been made,” he said.

Kitchen would not specifically comment on the - location in the - proposal. He did say, however, in that “Vegas is rebounding & is unarguably one of the - best tourism markets in the - world.”

Original Source here [Cached]

The newest attraction on the - Las Vegas Strip may not be a new hotel, casino or nightclub yet a 650-foot roller coaster.

If a coaster of this size were to be built, it would be the - world’s tallest. Currently, the - tallest in the - world is the - 456-foot tall Kingda Ka at New Jersey’s Six Flags Great Adventure.

Florida-based U.S. Thrill Rides submitted an application in April to the - Federal Aviation Administration for the - so-called “Polercoaster.” The application is classified as a “work in progress.”

Polercoaster is designed to be two attractions in one: a roller coaster & an observation tower. The coaster, according to Michael Kitchen, president of U.S. Thrill Rides, would have a very small footprint.

That’s a necessity in a city as developed as Las Vegas. Most roller coasters take up several acres of land.

The Polercoaster, Kitchen said, “loads from the - bottom, takes patrons to breathtaking heights up the - center of the - tower & then descends down around the - structure with multiple inversions, loops & direction changes.”

Check out the - Coolest New Coasters of Summer 2013

Federal law requires developers to donate the - FAA the - possibility to review any structure more than 200 feet tall to determine if it could pose a hazard to aircraft or navigation aids and, if so, whether the - hazard could be mitigated. It’s up to the - local government to decide whether to issue a building permit.

For those who’d prefer to skip the - drops & loops, there’s the - observation deck. The U.S. Thrill Rides website asserted the - observation tower would be serviced by two glass elevators. “This allows operators to use the - two levels on top as an observation deck & retail-restaurant space, providing additional revenue,” the - website reads.

According to a map filed with the - FAA application, the - site of the - Polercoaster appears to be at or very near the - Tropicana Las Vegas. Tropicana Chief Marketing Officer Fred Harmon would not comment specifically on the - proposal. “We have been approached by many companies, given the - quality of our location. However, no commitments have been made,” he said.

Kitchen would not specifically comment on the - location in the - proposal. He did say, however, in that “Vegas is rebounding & is unarguably one of the - best tourism markets in the - world.”

Also Read

Original Source here [Cached]

LAS VEGAS — — Casino giant MGM Resorts International & entertainment company AEG state they’ve inked a deal to build a 20,000-seat Las Vegas NV Strip arena.

Officials with Las Vegas-based MGM Resorts & Los Angeles-based AEG state the - joint venture will provide a centerpiece for a beautification of the - area from Las Vegas NV Boulevard to Frank Sinatra Drive between the - New York-New York & Monte Carlo resorts.

AEG is owned by Denver billionaire Phil Anschutz.

Groundbreaking for the - $350 million arena is expected next summer, with completion by spring 2016.

The companies state an unnamed privately funded third-party will moreover provide financing.

MGM Resorts International Chairman & Chief Executive Officer Jim Murren calls finalizing the - agreement a project milestone.

The international design firm Populous has-been hired to design the - arena with premium seating & hospitality areas for entertainment & sports events.

Original Source here [Cached]

By no means are we saying it’s likely to happen, yet the - odds of an NHL team one day calling Las Vegas NV home have to be better after today’s announcement in that AEG & MGM Resorts International have teamed up to build a 20,000-seat arena on the - Vegas Strip.

From the release:

The arena is expected to break ground in summer 2014, with the - grand opening projected for spring 2016.  The project is anticipated to cost approximately $350 million & be financed with equity contributions from each of the - partners as well as privately funded third-party financing.

AEG, of course, owns half of the - LA CA Kings. It moreover manages the - Sprint Center in Kansas City, which has, in the - past, been touted as a possible home for a relocation or expansion NHL franchise.

Granted, a Vegas arena probably wouldn’t need a full-time sports tenant, be it hockey or basketball, to make money. (We’ve heard they have the - odd concert & convention in in that town.)

But until this point, speculation of an NHL team moving to Vegas has-been limited as there was no suitable arena, or a plan to build one.

“Some league will be here,” commissioner Gary Bettman asserted back in 2009. “Somebody’s going to be first, yet the - stadium/arena issues, I think until they resolve, will preclude any serious consideration.”

Related: Maloofs reportedly met with Bettman about buying an NHL team

Original Source here [Cached]

Original Source here [Cached]

Las Vegas, NV, June 18, 2013 — MVP REIT Incorporated formally announced today the - acquisition of an approximately 22,000-square-foot office building in Las Vegas, Nev. for $6.5 million. The acquisition of the - property closed on June 14, 2013.

Located at 8860 W. Sunset Road, the - two-story, single-tenant building was built in 2008 & is fully occupied by a national short-term lender, which uses the - property as its national headquarters. The property has approximately 10 years of time remaining on its triple net lease, under which the - tenant is responsible for the - majority of the - costs associated with maintaining the - building.

“The acquisition of this property expands MVP REIT’s asset base & fits our acquisition criteria,” explained Mike Shustek, chairman & chief executive officer of MVP REIT. “The property is income-producing, enjoys a noteworthy remaining lease term & is fully occupied.”

MVP REIT financed the - acquisition through the - assumption of $3,966,876 in existing debt & the - transfer of approximately 285,744 of MVP REIT shares to the - seller at $8.865 per share.

About MVP REIT, Inc.

MVP REIT intends to operate as a publicly registered, non-traded hybrid real estate investment trust. It is currently conducting a public offering of up to 55,555,556 shares of its usual stock at $9.00 per share & up to an additional 5,555,556 shares of its usual stock for issuance under its distribution reinvestment plan at $8.73 per share.

MVP REIT intends to use the - proceeds from the - offering to invest in a diversified portfolio of income- producing commercial real estate properties & loans secured by income-producing commercial real estate as well as to pay expenses & fees associated with the - offering. MVP REIT intends to primarily focus its activities on assets located in the - Western & Southwestern United States.

Forward-looking statements

This press release contains forward-looking statements within the - meaning of federal securities laws & regulations. These forward-looking statements are identified by their use of terms & phrases such as “anticipate”, “believe”, “continue”, “could”, “estimate”, “expect”, “intend”, “may”, “plan”, “project”, “should”, “will”, & other similar terms & phrases, in addition to references to assumptions & forecasts of future results. Forward-looking statements are not guarantees of future performance & involve known & unknown risks, uncertainties & other factors in that may cause the - actual results to differ materially from those anticipated at the - time the - forward-looking statements are made. These risks include, yet are not limited to: volatility in the - debt or equity markets affecting our ability to acquire or sell real estate assets; national & local economic, business & real estate market conditions, in addition to the - likelihood of a prolonged economic slowdown or recession; the - ability to maintain sufficient liquidity & our access to capital markets; our ability to identify, successfully compete for & complete acquisitions & loans; & the - performance of real estate assets & loans after they are acquired. Although the - Company believes the - expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can donate no assurance in that the - expectations will be attained or in that any deviation will not be material. The Company undertakes no obligation to update any forward-looking acknowledgment contained herein to conform the - acknowledgment to actual results or changes in the - Company’s expectations. This press release shall not constitute an offer to sell or the - solicitation of an offer to buy securities.

Contact:
Jill Swartz
Spotlight Communications
(949) 427-5172 ext. 701
Jill@spotlightmarcom.com

SOURCE MVP REIT, Inc.

Original Source here [Cached]

Original Source here [Cached]

LAS VEGAS (AP)

Casino giant MGM Resorts International & entertainment company AEG state they’ve inked a deal to build a 20,000-seat Las Vegas NV Strip arena.

Officials with Las Vegas-based MGM Resorts & Los Angeles-based AEG state the - joint venture will provide a centerpiece for a beautification of the - area from Las Vegas NV Boulevard to Frank Sinatra Drive between the - New York-New York & Monte Carlo resorts.

Groundbreaking for the - $350 million arena is expected next summer, with completion by spring 2016.

The companies state an unnamed privately funded third-party will moreover provide financing.

MGM Resorts International Chairman & Chief Executive Officer Jim Murren calls finalizing the - agreement a project milestone.

The international design firm Populous has-been hired to design the - arena with premium seating & hospitality areas for entertainment & sports events.

Original Source here [Cached]