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W Hotel Project Hosed, Cosmo Bids For Riviera

By Chuckmonster on Saturday, 12th May 2007 4:03pm
  » filed under Mergers & Acquisitions  comments: 1


It looks like the big shiny Harmon Blvd. Corridor pipe dream has fizzled out with the announcement that the planned W Hotel has been scrapped. Harmon Blvd was seen as the next best expansion bet in Strip-adjacent property. Developers envisioned a corridor of mixed use hotel/condo/casino properties on the East-West street that connected the popular Hard Rock Hotel & Casino with the Strip.

W Hotel joins George Clooneys famed Las Ramblas project in the Harmon Corridor purgatory.

In other Strip take over news, the owners of the Cosmopolitian - mixed use casinominium and thorn-in-the-side-of-City-Center have made a second bid for the last piece of tail on the north Strip - The Riviera. Their previous play for the property in December 2006 (at $21/share) was rejected, the upped offer of $30/share is sure to arouse interest in the venerable grand dame.

There have been about five Riviera takeover possibilities in the last year or so... none of which have passed the muster of the Riviera's shareholders. This one has a shot though. Stay tuned.



Comments & Discussion:

if they buy it I hope they keep Kady's!!!

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