Home » VT News » How Sam Nazarian Spent The Sahara Liquidation Money

How Sam Nazarian Spent The Sahara Liquidation Money

By Chuckmonster on Thursday, 15th September 2011 2:10pm
  » filed under Las Vegas  comments: 16

   

I'm confident that VT's griping about Sahara's skanky parking garage and hell hole of a hotel embarrassed SBE honchos so much that they brought in a cleaning crew and tried to make some other minor changes to their hotel.

Now, I know that Sam Nazarian himself is reading VT. Hi Sam. Happy to see you. How about you come down the mountain and subject yourself to some real questioning by the Vegas Gang and stop trying to make right with the world with press releases and cub reporters at the L.A. Times. I promise they won't bite. I might.

Now, in virtual response to my final thoughts posted to the Sahara Liquidation: SOLD OUT! post [the latest in a string of our posts whose premises have been superbly plagiarized by local Las Vegas reporter Delen Goldberg in the VegasINC] the one and only Mount Nazarian has erupted with news that SBE and Stockbridge have bought Sahara's debtload, presumably using the proceeds gathered from liquidation.

Hooooray!

Another swirl of smoke said that they have retained the services of Gensler Architects, the firm that oversaw the master planning of CityCenter, to "evaluate a range of options for the property." We all know how well CityCenter's master plan worked out don't we?

At least he didn't just take the money from the liquidation and use it to build another over hyped hot dog stand.

AGAIN, I ask... now that Golden Gate, Plaza, Caesars Palace and possibly even the just closed Sahara are starting to become bullish about the future in Las Vegas, what does this mean over at Boyd Gaming?

Are you starting to understand what I'm saying yet?



Tagged: sahara   sam nazarian   sbe   





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Comments & Discussion:

Bravo to the "local Las Vegas blogger!"

I too am curious what is going on with Boyd and the Echelon land. It obviously would have to be much different than originally planned. How are they doing financially? Are they in position that they could ramp up on something?

I'd love to see Boyd restart the Ech. But what about our buddy Steve? Do you think Wynn is going to wait until after 2012 (presumably when we have a new occupant of the White House) before proceeding with anything new in Vegas?

I didn't think Hunter's buddy Steve had anything on the board for Las Vegas at any time. Except, of course, for the Hilton takeover. Which is being put in place by the foreclosure action. (Maybe that's a little in my dreams)

I think Boyd has the money and ability to move on Stardust II anytime they want. They are just smart enough not to do anything until it makes sense. And it don't make no damn sense yet.

Is there any possibility that Boyd could gain control of the Frontier property and build there? They seem like the logical company to make the next move, but building closer to center strip makes more sense, and I don't see the current owners pulling off building anything anytime soon. Maybe a land swap again? Restarting Echelon on a lower scale means rebuilding the Stardust in a worse neighborhood than it used to be in. I can't see building there until the Frontier property is redeveloped.

If Steve moves on Frontier, Boyd will move on Echelon.

Too bad Boyd can't purchase the Sahara, and put a nice remodel on it. By the time thats been running for 2 years or so, there's a better chance that Frontier land has something going on.

Considering the property is empty now too, a remodel would have to be a bit more cost effective to an established company, as there is no interruption in service.

I've often thought one strategy to revitalize the North strip would be for MGM to sell off or lease off theCircusCircus and CityCenter North land to several different owners to develop sort of a modern downtown experience on a smaller scale. Maybe 5 or 6 smaller non-gaming mid-range chain hotels, a variety of retail all surrounding a lush park. Put it on a grid with blocks similar in size to downtown. Maybe only one or two non-hotel casino properties right on LVB. Maybe then Boyd would build Echelon ( just nix the sub hotels from the plan) and maybe it could trickle down.

As i've said before, the Silver State arena looks like a better idea every day.. at least that could be a nice anchor to help the N strip.

If Steve makes a move on Plaza when Obama is gone, we may end up with something close to what they're building in Cotai. He could do a partnership like he did with Monte Carlo. WYNN Plaza has a nice ring to it.

Steve would do something with the vast emptiness that was the New Frontier just so guests wouldn't have to look out their windows at an empty lot. I cannot imagine that he likes looking at the space since he had the Frontier sign dismantled quick because he was trying to finish Encore. If he moves to do something with the space then Boyd would likely finish Echelon or at least build something that would be adjacent to the then filled empty lot.

If Steve makes a move on Frontier, it could cause a positive chain reaction on Las Vegas because Boyd will move with Echelon. Or, maybe Las Vegas Sands could make a move on the Frontier land, which might see a bidding war between Sands and Wynn for control of that land. Either way, I believe that Frontier land is the key to the redevelopment of the North Strip and the re-awakening of Las Vegas. If Frontier land gets developed, Boyd will move with Echelon, Fountainbleu might see activity again, and CityCenter North might see action too. Steve has the ability to change this city again if he moves on Frontier...

I don't think any of this makes any financial sense. The room rates are already depressed to such a level that new construction is not able to deliver a property that can make any profit. Wynn already has plans to develope the golf course land and I'm sure he would rather expand in that direction since he would not have any real extate expenses. I'm just sure that he could get into the Hilton for nothing, if he would do it. It seems like Goldman and the other debt holders would love to fund his teams renovation and tag along with his operational brilliance and legend.
Sorry, I get to thinkin and typin and just can't stop myself sometimes. (Hangs head, walks away mumbling)

IMHO, for the next three years Steve won't be thinking about anything but Macau. Then maybe Signapore, with an eye of 2017. Or maybe the stars line up right and casinos are legalized in Japan.

The last thing any gaming company (except for those with none) need right now is more exposure on the Strip.

BYD can make the argument that by building something they're adding value to the rest of their properties (driving play with the free visit-to-Vegas carrot), but the rationale for Wynn building more rooms right now isn't readily apparent to me.

Well i have to say that i have finnaly submitted to responding to your hilariuos blogs and rather intellegent perspectives! i hope we can share a coffee one day soon and talk Vegas!

Hi Sam, welcome aboard! Have your people get in touch with my people and we'll sit down for a chat. Bring the plans.

Is this guy for real?

The IP address attached to the post resolves to SBE Entertainment in Los Angeles CA. Email attached to the username does too (as expected)



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