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Westward Ho Project Scrapped

By Chuckmonster on Sunday, 21st May 2006 10:32pm
  » filed under Las Vegas  comments: 1


Centex has quietly backed away from its "Westward Ho" joint-venture development project on the Las Vegas Strip, TheStreet.com has learned. Last fall, the homebuilder and a private real estate partner purchased the old Westward Ho casino site for $145.5 million, or $9.6 million an acre. The property is located between the Circus Circus casino and the Stardust Resort and Casino, which is being knocked down next year to pave the way for a new casino and resort development called Echelon Place, to be built by Boyd Gaming and Morgans Hotel.

The plan was to build a mixed-use project, possibly including a casino, a hotel and residential condos. But in late March, Centex sold its joint-venture interest in the project back to its partner, says C.J. Julin, vice president of marketing with Centex Destination Properties, the division of the homebuilder that specializes in second homes and resorts.

Julin says he could not disclose whether Centex made or lost money on the deal, but he did say, "We never lose money."

"Vegas is still an exciting place," Julin says, but adds that the company decided to abandon the project to instead focus on its Urban Village project, on the southern end of the Strip, and its development in Lake Las Vegas.

"For us, we have so many resources and we said, you know, we need to make sure that things that we have in the market today, we are successful with," he says.



Comments & Discussion:

Da Da Da Da Da, Another One Bites The Dust......

The condo boom in Las Vegas and other cities (like Panama City, FL) is going bust. I wouldn't be surprised if some of the condos planned for Project CityCenter get scrapped for additional hotel space. The demand for condos in Vegas is falling like Bush's approval rating.

Bring Back The 'Ho!!!!!!

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