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Another New Joint: Michael Jordan's 'Aqua Blue'

By Chuckmonster on Monday, 17th January 2005 2:03am
  » filed under Las Vegas  comments: 0


Michael Jordan has been known to wager on everything from golf to the basketball shoot-around game H-O-R-S-E. Now His Airness will try his luck as a partner in the planned Aqua Blue Luxury Condominium Hotel Resort & Spa in Las Vegas.

But Jordan may be risking something more valuable with his Vegas investment: his status as Madison Avenue's all-time pitchman. The $600 million development that includes a casino will break ground this summer. The 825-unit complex, with condos selling for $399,000 to $1.2 million, is to open in 2007.

The arrangement could "cause problems" with firms such as Nike and Gatorade that still pay him an estimated $25 million a year for endorsements, says David Carter, principal of Sports Business Group.

Michael Peterson, owner of Diversified Real Estate Concepts, the resort's developer, says Jordan will have "absolutely zero" financial stake in the casino operation.

[ Best bet in the house: Red 23 - Ed ]



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