BluefoxToday blog : Station Casinos has lofty goals

Station Casinos has lofty goals

Station Casinos runs a host of successful gambling halls in Las Vegas for the local clientele and is continually building new ones in strategic locations. The Aliante Station in North Las Vegas is the next property to open its doors, scheduled to do so late this year. The company is also set to break ground on another gaming facility up in the northwest section of the valley, at Durango and 95. And they have more land in Southern Nevada to do more of the same when they find the time is right.

It seems to be right for the Viva, a tentative name for a huge project Station Casinos is planning to develop at Tropicana and I-15, in the northwest corner of the intersection. The land parcel measures 110 acres in all, so it can accommodate quite a few buildings and facilities. It's probably going to take a few years before construction begins, but a lot of time nowadays is being spent on it.

As of now, the plan calls for the first stage to include three hotels with 5,200 rooms and a big casino to go with them. In some ways, according to Station Casinos, the project will resemble the now under-construction MGM Mirage's CityCenter across the freeway, a hint of what is to come. Not only in size, but also in cost, which could go as high as $10 billion if the entire plan is carried out.

It's supposed to be a mixed-use enterprise, so it's fair to expect that there will be condominiums either as part of these three hotels in phase one or then at some point in their own towers. Upscale condo sales can nicely cover a large chunk of the construction costs of a multi-billion dollar development like that. The presently difficult Las Vegas real estate and mortgage markets don't favor this right now, but down the road things can, and most likely will, be much different.

Viva would also be the third large resort project on the west side of the freeway, joining the nearby Rio and Palms just a stone's throw north. Panorama Towers, a luxury condominium destination, already sits between these two points, between Flamingo and Tropicana, on Dean Martin Drive and it appears that the somewhat obscure street is about to become even more famous. It could one day turn into a second Strip. Viva will certainly draw other similar development to the area and push away the rest of the retail and warehouse element.

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Provided by: 

Esko Kiuru
Mortgage, real estate and apartment industry analyst 

www.BluefoxToday.com - syndicated mortgage, housing and property management blog

eskokiuru@gmail.com
My cell: 702-499-1006

Comment balloon 2 commentsEsko Kiuru • April 28 2008 12:02AM

Comments

Esko this has to be good news for you guys out there given what is happening to the housing market this might create some new jobs and new buyers.

 

Posted by George Souto, Your Connecticut Mortgage Expert (George Souto NMLS #65149 FHA, CHFA, VA Mortgages) about 10 years ago

George,

When this resort gets built, it'll add another few thousand jobs to Las Vegas.

Posted by Esko Kiuru about 10 years ago

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