Elysium Properties Seeks $3.8 Billion In Bonds For A Las Vegas Hotel

MoneyElysium Properties applied for a $3.8 billion casino and Las Vegas hotel. Elysium applied two months ago to the Nevada Dept. of Business and Industry for the issuance of revenue bonds to cover the development costs for their real estate project.

The taxpayers nor the state of Nevada would be financially responsible for any debt of the project by Elysium. The department is the intermediary and helps place the debt into investment portfolios through the advice of an investment banking firm.

The former director of development and managing partner of Pinnacle Las Vegas high rise project, Michael Bellon, and Jackie Robinson, former Seattle Supersonics basketball player created a partnership.

Approximately 38.5 acres of Las Vegas real estate on the Strip is under purchase contract and more acreage is being discussed.

For over 3 decades the issuance of industrial development revenue bonds have never successfully been used for a Las Vegas resort. They are available to diversify Nevada’s economy for small manufacturers or a gaming resort.

Currently Boyd Gaming had bonds issued to it for power, water and heating services for their Echelon resort.

The Department of Business and Industry will usually issue revenue bonds for up to 75 percent of the total building cost. Elysium will need to provide permanent financing for the debt.

The bond issuance starts with approval by Clark County. Once approved the final authority is granted by the state finance board.

Elysium’s certificate of application is in effect until the end of the year.

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Elysium Properties seeks $3.8 billion in bonds for a Las Vegas hotel.

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