Wynn Buys NF Property Again

Good article. Talks about current situation of most North Strip properties.

Some people really get it right. From the article, Wynn sold this same parcel in 2007 for 1.2B, just before thr crash. They paid to demolish the NF building, then sold to another investor who didn't get further than a construction fence and a sign. Then Wynn buys it back for $334M , with an additional 4 acres attached, just as several other North Strip properties are getting new investment.

https://www.reviewjournal.com/local/the-strip/wynn-resorts-buying-former-site-of-new-frontier-on-las-vegas-strip/

The golf course on the property is being shut down in a couple weeks. Not sure of plans.

When I first went to Vegas in December 06, me and my friend went to NF and got players cards and explored the place. I have no recollection of it though except having the PC at home.

Wynn sells the land for $1.2B, then buys it back for $334mill? ...and he doesn't like AP that hustle the casino industry??? ;-)

Wynn just AP'd the casinos for more than all of us ever will, combined. Yes... worry about us... lol.

Quote: Ibeatyouraces

When I first went to Vegas in December 06, me and my friend went to NF and got players cards and explored the place. I have no recollection of it though except having the PC at home.

Was dying at that point with Phil Ruffin milking it and not reinvesting anything. The rooms were bad and the casino look like it was still in 1970. The Gilleys was the main attraction. I remember it near the end but was never inside in its prime.

I think he ended up selling it for around a Billion and buying TI for less than half that.

Quote: beachbumbabs

.....Some people really get it right. From the article, Wynn sold this same parcel in 2007 for 1.2B, just before thr crash. They paid to demolish the NF building, then sold to another investor who didn't get further than a construction fence and a sign. Then Wynn buys it back for $334M , with an additional 4 acres attached, just as several other North Strip properties are getting new investment.

https://www.reviewjournal.com/local/the-strip/wynn-resorts-buying-former-site-of-new-frontier-on-las-vegas-strip/

I don't think this is correct...a couple of Israelis/El Ad Properties bought the NF from Ruffin (a guy that really got the timing in LV right) for the $1.2B. I don't think Wynn has been involved in this project up until now although I recall El Ad going to Wynn at one point and asking if he wanted in on the deal after they were already in trouble.

Ruffin sells NF for $1.2B and then picks up TI from MGM for $775M 18 months later as MGM is created needed cashflow due to the development troubles at City Center....TI was much better property than the NF at a better location and Ruffin pocketed $425M in the exchange....pretty sweet!!

Quote: Paradigm

I don't think this is correct...a couple of Israelis/El Ad Properties bought the NF from Ruffin (a guy that really got the timing in LV right) for the $1.2B. I don't think Wynn has been involved in this project up until now although I recall El Ad going to Wynn at one point and asking if he wanted in on the deal after they were already in trouble.

Ruffin sells NF for $1.2B and then picks up TI from MGM for $775M 18 months later as MGM is created needed cashflow due to the development troubles at City Center....TI was much better property than the NF at a better location and Ruffin pocketed $425M in the exchange....pretty sweet!!

I'm sure you're right. The piece has been updated since I posted, and the entire paragraph about the sale history deleted. Tried to get a screenshot of the old info, but the site updated. I guess the guy got it wrong.

He didn't name the initial person who bought it in 2007, then said it was bought in 2013, I think, by a Japanese investor who named the project the Alon, but then put it on the market in 2014.

That makes sense...I didn't see what you were referencing as it related to the Wynn selling the property for the $1.2B. I kept going back and trying to find that excerpt and questioned what I had remembered before doing some more research. Why is it the media, and I mean all media, can get basic facts so wrong at times...and this isn't even a politically charged topic where an agenda comes into play...this is just bad journalism/reporting and it seems to be everywhere these days.

from wikipedia:

The Alon Las Vegas was an upcoming luxury hotel and casino located on the Las Vegas Strip in Paradise, Nevada.It was located on the site of the former New Frontier Hotel and Casino, near the Wynn Las Vegas and the Fashion Show Mall.

In 2007, El-Ad Group demolished the New Frontier to develop Las Vegas Plaza, but construction was halted during the economic downturn of 2008. El-Ad then sold the site to Crown Resorts in 2014.

In 2014, Andrew Pascal partnered with Crown Resorts, owned by billionaire James Packer, to develop Alon, with additional investments from Oaktree Capital Management.

Construction on the Alon Las Vegas began in 2015.

The future of the project was put in doubt after Crown Resorts announced in late 2016 it was suspending its involvement in the development. Crown announced in December 2016 that it was halting the project and seeking to sell its investment. Alon Leisure Management, LLC., led by Pascal, announced it was seeking other partners to proceed with the project.

I remember the joint from eons ago but oddly enough I remember it for its Western string ties on the young dealers (except for the alcove that in the late afternoon became a Baccarat game with faux chandeliers and more mature dealers in more or less formal dress without any string ties. That was the place that had a well dressed male shill in a tuxedo and a half-dressed female shill at the end of the table who beckoned me to come sit beside her and learn the game.

A lot of places took hits in 2008 when 50MM an acre was no longer a reasonable price for anything on the Strip.

Paradise is a real tiny city and most people who go to Vegas don't even know they are in it. Casino builders wanted their own government way back when and they got it.

Quote: FleaStiff

Paradise is a real tiny city and most people who go to Vegas don't even know they are in it. Casino builders wanted their own government way back when and they got it.

Paradise is just a name for a neighborhood in unincorporated Clark County. No government of its own.
EDIT: Okay, they have an advisory board, but the ultimate local government is the county-county can remove advisory board members.

What does NF mean?

Quote: onenickelmiracle

What does NF mean?

New frontier, old casino