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The Beach Las Vegas nightclub plan a 600 room Las Vegas condo and casino on Paradise Road, where The Beach nightclub sits. Developing this real estate into full-scale casinos seems to be the next, logical step for Las Vegas gaming development.

The Beach night club on Paradise Road would be elevated and a 600-room high-rise tower and Las Vegas casino would be squeezed onto its 1.25-acre site under a Las Vegas real estate development plan that won initial approval from county officials this week.

With hotel rooms for tourists and condominiums for homebuyers, the as yet unnamed mixed-use project would meld the traditional Las Vegas gaming resort with the valley’s still ever expanding Manhattanization of Las Vegas housing trend.

“It’ll be a true hotel with 300 rooms rented by the night and 300 resort condominiums,” said Greg Borgel, the land-use consultant working on the project for Three Sixty Five, the partnership group that owns The Beach nightclub.

Documents filed with Clark County show Three Sixty Five principal Rick Tuttle and his partners also plan a 20,000-square-foot casino and an 18,000-square-foot restaurant and lounge area in the 39-story building.

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Las Vegas gambling revenue nears $1 billion due to Nevada gambling losses of $1.1 billion in May, giving Nevada its fourth consecutive month of billion-plus of casino revenues including Las Vegas casinos. In Nevada, only January 2006 made the casinos more money. Despite competition from other domestic and international gambling jurisdictions, Nevada casinos also registered another month of revenue growth, up 9 percent from May 2005.

For the fiscal year ending June 30, Nevada casinos’ gambling win is up more than 12 percent.

Slot revenues hit an all-time record statewide of $742.6 million, up 7 percent from last year. Slot holds averaged 6.25 percent statewide and almost 7 percent on the Strip. Double-digit revenue increases were notched by blackjack, increasing 13.8 percent statewide ($128 million) and 18 percent on the Strip ($95.3 million), and by roulette, which grew 19 percent on the Strip ($26.5 million) and 17 percent statewide ($32.4 million).

Baccarat had a monster month, with volume of play up 44 percent on the Las Vegas Strip, which accounted for virtually all Nevada baccarat play. Strip baccarat revenues were just short of $87 million, on $202 million in volume of play.

If gamblers flocked to baccarat, they fled craps, which lost 8.6 percent of play volume statewide and 13 percent along the Las Vegas Strip. Revenues declined comparably, off 19 percent on the Strip ($22 million) and almost 14 percent statewide ($34 million).

In sheer dollar volume, the Las Vegas Strip dwarfed all other areas of Nevada, pulling in $962.6 million. In terms of percentage growth, outlying Clark County was the front-runner, increasing revenues 27 percent because of the additions of Red Rock Station Casino Las Vegas and Boyd’s South Coast hotel-casino.

Besides the Las Vegas Strip, other regions measuring double-digit growth were Mesquite, continuing a bounce-back year in the border town, and North Lake Tahoe, where warmer temperatures brought 16 percent revenue growth. South Lake Tahoe was not so fortunate, falling almost 8 percent, as did outlying Washoe County.

Termination of air service to Elko County that brought in 40,000 passengers per year is beginning to have an effect, according to Nevada Gaming Control Board Analyst Frank Streshley. Hence, a 10 percent decline in Elko County revenues was more than enough to negate 6.7 percent growth in Wendover, a popular drive-in market for Utah residents.

Carson Valley also saw a big falloff in gambling revenues, down 9.5 percent, blamed in part on increasing fuel prices. Streshley said that rural revenues may have also felt the effect of one fewer weekend day than in May 2005.

The smallest growth in Nevada was the 0.4 reported by downtown Las Vegas. Still, it was a gain in a downtown Las Vegas that’s had a long history of losses.

Source: LV Review Journal

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Las Vegas gambling revenue nears $1 billion in may.

Hard Rock Hotel Las Vegas purchaser Morgans Hotel Group names Golden Gaming to manage the Hard Rock Casino Las Vegas.

Golden Gaming, operator of the PT’s taverns and restaurants in Las Vegas, will operate the Hard Rock Hotel Las Vegas 30,000-square-foot casino once Morgans’ $770 million purchase of the rock ‘n’ roll themed casino closes. (more…)

Las Vegas real estate development company Montecito Cos. has started grading a 9-acre site in North Las Vegas to build the $21 million Cheyenne Pointe retail center, the first major Las Vegas construction news of a commercial project in the city’s redevelopment area.

The 93,000-square-foot center at Cheyenne Avenue and Civic Center Drive will be anchored by a 30,000-square-foot Mariana’s Supermarket to serve the predominantly Hispanic population in nearby neighborhoods.

In addition to Mariana’s, the center’s tenants include Starbucks, Nevada Federal Credit Union, T-Mobile, Gen X Clothing, LA Insurance, Discoteca, PWS Laundry, Nevada Best Nails, El Rodeo and Estela’s Beauty Salon.

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