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Wet N Wild Site Sold for 400M Bucks

By Chuckmonster on Wednesday, 5th July 2006 11:16pm
  » filed under Las Vegas  comments: 0


Another nugget from last week that we missed... the dilapidated Wet N Wild site next to the Sahara has been sold for $400 Million smackers to a group of investors we've never heard of.

The casino's design will be handled by Paull Steelman Group, the people behind Sands Macau, the coming Montreux (New Frontier) and Fontainebleu resorts, and much much more.

Acquiring Wet 'n Wild would give Milam 950 feet of Strip frontage and 850 feet on Paradise Road, and 26.5 acres in between. He plans a $3.75 billion to $4 billion megaresort and said he's lined up three prestigious design firms: the Paul Steelman Group, for the casino; RTKL, to design the retail component; and the Chicago branch of Skidmore, Owings and Merrill for the hotel tower.

Milam explained that he'd been assembling the project and negotiating with Archon for the past six months, although not a hint of the talks leaked into local media. "We try hard" to stay below the radar, Milam joked.

The terms of Milam's option-to-buy deal call for a $5 million upfront payment, due lastTuesday, followed by $40 million more on Sept. 22. Milam forfeits the entire $45 million if he's unable to consummate the purchase agreement by April 2008. Financing hasn't been formalized, but the Texan said it wasn't for a lack of offers. "There seems to be very little lack of capital," in Las Vegas, he remarked.



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