New Vegas Developments
August 12th, 2010 by Site Admin
Las Vegas might be hurting, but that’s not stopping developers from putting their stamp on the gaming city.
Peebles Corp., a Miami-based company, is planning to build the Las Palmas Resort & Casino on Paradise Road. The company recently acquired a major stake in a small hotel there that also gives the company 20 acres for future development.
The Las Palmas project – which includes a convention center resort and casino and two hotels — is expected to cost more than $2 billion.
But Peebles Chief Executive Officer R. Donahue Peebles said the project will be on hold until the Las Vegas Market begins to show a bit more life. Peebles said that while the company has great faith in the Las Vegas gaming market, it wants to delay development of the massive project until the economic climate in Las Vegas begins to improve.
Peebles also has a majority interest in the Mardi Gras Hotel & Casino, just a block south of the Convention Center. That site will add 13 acres to the Las Palmas project.
Peebles isn’t new to the hotel and hospitality industry. The company has a number of similar developments including high-rise residential properties, commercial properties and luxury hotels.
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