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HOOTERS Las Vegas hotel purchase by Hedwigs Las Vegas Top Tier, real estate investment group, is still considering the off strip commercial property at $235 million, assumption of debt plus $95 million in cash. Guess what? The tremendous downturn in the credit and mortgage industry has hit this deal hard.

The current mortgage, credit market and bond analysts’ recommendations has Hedwigs Las Vegas Top Tier considering their options for financing. Changes in pricing and numbers changed the overall dynamic of this deal.

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Las Vegas sports arena unveiled by Harrahs and AEG this week. A $500 million, 20,000 seat, privately financed venue will be built a block from the Las Vegas Strip. The 10 acres of land is located behind Paris and Bally’s resorts that is owned by Harrahs. The arena in Las Vegas, Nevada real estate is expected to start construction next summer after the agreed letter of intent between the two companies, and the completion of the paperwork.

Last month a similar arena was discussed by the City of Las Vegas and they chose REI Neon/Warburg Pincus developer for the 22,000 seat publicly funded sports arena in Downtown Las Vegas, NV. (more…)

Sahara Hotel and Casino Las Vegas purchased by SBE Entertainment Group LLC from Los Angeles, CA real estate and Stockbridge Real Estate Funds from San Francisco, CA. Acquisition of the 55 year old hotel took place this week from Gordon Gaming Corporation from Las Vegas, Nevada. The casino buyer’s paid anywhere from $300 to $400 million with an additional investment into the revitalization and renovation of the aging property.

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Gold Spike downtown Las Vegas hotel purchased by Miami real estate developer Gregg Covin.  He visited downtown last week for inspection of the Gold Spike hotel currently owned by Tamares Las Vegas Properties. He plans to remodel the property to a boutique hotel with rates from $125 to $150 per night.

There are many skeptics who don’t think Covin can convert the downtown casino. He notes that this is not any where near the worst piece of real estate that he’s seen in his 20 years of running his real estate family’s business.

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