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Old May 31st, 2007, 05:31 AM   #381
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Uhh ill ask again..doesnt anyone know the odds of it getting approved?
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Old May 31st, 2007, 06:12 AM   #382
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How the heck are you supposed to figure the odds on something like that? Sure, this is a gambling town, but when a casino sets odds there is usually some sort of mathematical formula used to arrive at those odds, or sometimes the payoff is based on how much other people are betting. Okay, how about this, maybe the odds are 40 million to one that it DOES get built, because $40 million cash is how much money Milam has already spent on the land and is nonrefundable if it's not approved by April 2008. (I don't know how much he has already spent on architects, designers, engineers and attorneys so far.)
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Old May 31st, 2007, 06:34 AM   #383
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jesus christ wtf with the hostility. I dont live in las vegas and i dont know height limits or anything so i asked what are the odds of it getting approved. Are you ok?
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Old May 31st, 2007, 08:24 AM   #384
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That wasn't a hostile post, it was merely flippant.

In reality the odds are closer to 50/50 than 40,000,000 to 1. It could go either way, but Milam seems confident enough to bet that much money, so I think the odds are leaning in that direction.
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Old May 31st, 2007, 09:27 AM   #385
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Would be interesting to see this thing take form... I guess we'll have to wait and see...
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Old May 31st, 2007, 06:28 PM   #386
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Maki-Chan - I think the main point is the you have the same information in this thread that everyone else has here. No one from the projects development team or the Las Vegas City Council posts here, so your guess is as good as anyone elses.
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Old May 31st, 2007, 07:33 PM   #387
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http://www.smh.com.au/news/business/...205425192.html

PBL buys another Crown - in Vegas

Vanda Carson
June 1, 2007


JAMES PACKER'S Publishing & Broadcasting Ltd is buying up some of the world's priciest casino real estate, plot by plot.

Yesterday it bought a stake in a Las Vegas venture that has building approval for the world's second-tallest tower.

The company behind Melbourne's Crown Casino and Perth's Burswood paid $US22.5 million ($27 million) for the option to buy a prime piece of land, the site for a casino and hotel development to be named Crown Las Vegas.

It is Mr Packer's second foothold on the hallowed turf in as many months, but the first to which he has put the Crown name - meaning he will have a presence in the world's two biggest gaming markets, Las Vegas and Macau.

The investment buys part of a derelict, graffiti-festooned remnant of the Wet'n'Wild theme park. The property developer with whom Mr Packer has teamed has approval for a 142-storey tower known as Las Vegas Tower - which would eclipse completed giants in Taipei and Toronto and rank second only to a 160-storey tower being built in Dubai.

The casino is ambitious even by Las Vegas standards, with shops, a hotel and apartments at a cost of nearly $5 billion to build.

PBL's portion of the costs under this model would be $1.5 billion. It is so tall that aviation authorities must give the final tick before the development can proceed.

But yesterday's investment means another design may be used. A spokesman for PBL said the joint venture had not yet decided on the design, or even how it would be funded.

Regardless of the final decision on the building, it will probably be ready to roll the dice by 2011.

"Future funding will be the subject of a further announcement," a Crown spokesman said.

The deal mirrors the $300 million PBL paid last month for a stake in the yet-to-be-built Fontainebleau Resorts casino and hotel development on a slightly smaller site next door, where construction began recently.

The deal with Texas property developer IDM Properties and a New York investment fund will not be completed until next year, when they are due to hand over the remaining $520 million purchase price for the 10.9 hectare site.

The $27 million initial payment buys a 37.5 per cent stake in the joint venture company.

Land prices in the area are rising fast, with sales reaching $38 million an acre at the well-established end of town. This development is at the less fashionable end of the strip.

PBL rose 51c to $21.70.
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Old May 31st, 2007, 07:36 PM   #388
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Quote:
Originally Posted by mdiederi View Post
that has building approval for the world's second-tallest tower.
Uhhh.....huh?
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Old May 31st, 2007, 07:51 PM   #389
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Yeah, CS would be taller.
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Old May 31st, 2007, 07:57 PM   #390
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Quote:
Originally Posted by mdiederi View Post
Yeah, CS would be taller.
Plus there are many other projects around the world that are going to be close to 2000 ft. Russia Tower, Incheon Towers, Guangzhou TV & Sightseeing Tower, Abraj Al Bait Towers.....etc.
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Old May 31st, 2007, 07:58 PM   #391
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is it really approved as the article says?
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Old May 31st, 2007, 08:19 PM   #392
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Well, it got all the approvals last November EXCEPT for the FAA. The FAA is taking longer than normal, and I'm not sure if that's good or bad. But with Packer on board, it's gonna get built one height or the other. I'm starting to think it might get chopped down a little bit because they mention a redesign in that news story about Packer.
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Old June 1st, 2007, 07:37 PM   #393
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Here's a new story in the local paper.

Quote:
Jun. 01, 2007
Las Vegas Review-Journal

Australian magnate to invest in LV casino

By ARNOLD M. KNIGHTLY
REVIEW-JOURNAL

Australia's richest man, James Packer, is bringing his expanding gaming company to the Las Vegas market.

Publishing and Broadcasting Ltd., which Packer controls, announced Thursday it has entered an agreement with the developer holding purchase options for the site of the former Wet 'n Wild water park on the Strip. Packer's agreement calls for him to invest money and operate the Crown Las Vegas casino on the site.

Christopher Milam, the Austin, Texas-based developer who is proposing to build an 1,888-foot hotel tower on the site, confirmed the partnership in an e-mail.

Crown Ltd., a newly formed subsidiary of Publishing and Broadcasting, will operate the casino.

Packer could not be reached for comment.

Gaming Control Board Chairman Dennis Neilander said Packer has yet to apply for a gaming license. He added that he recommends that new applicants apply a couple of years ahead of taking over gaming operations.

Publishing and Broadcasting owns and operates two casinos in Australia: Crown Entertainment Complex in Melbourne and Burswood International in Perth.

In May, Packer entered Asia's growing market by opening the $540 million Crown Macau Casino.

The development is a joint-venture partnership between Publishing and Broadcasting and Hong Kong-based Melco Entertainment. Melco is run by Lawrence Ho, son of businessman Stanley Ho, who owns several Macau gambling halls.

The partnership will likely draw attention from state gaming regulators during Packer's licensing process in Nevada.

MGM Mirage went before state gaming regulators in March to explain its partnership with Pansy Ho, Stanley Ho's daughter, in the MGM Grand Macau.

Packer, who has two more projects opening in the next three years with Lawrence Ho, could expect the same close scrutiny to ensure that Stanley Ho does not directly influence the son's operations.

"We will take a look at all his partners," Neilander said. "It would still be something that we would have to look at."

Stanley Ho continues to fight allegations that his casinos have been involved in organized crime activities including money laundering, drug trafficking and prostitution.

Publishing and Broadcasting paid $22.5 million for a 37.5 percent stake in LVTI, Milam's holding company for the Wet 'n Wild project.

New York-based private equity firm York Capital Management has also been named as a third partner in the project, but its investment stake was not available.

The investment firm did not return calls by press time.

Publishing and Broadcasting Gaming Chief Executive Officer Rowen Craigie said in a statement that Crown was looking forward to working with its new partners on Crown Las Vegas.

The investment money from both parties was partially used to make a $40 million option payment last week to Archon Corp., owners of the former water park site, an investor's note from Bear Stearns gaming analyst Joe Greff shows.

Milam and Archon entered into an option agreement in June 2006 of $450 million for the 27-acre site. The price was recently raised to $475 million to adjust for rising land costs.

Archon, which owns the Pioneer Club in Laughlin, is leasing the site as a construction area for the Fontainebleau.

This is the second investment on the Strip's north end for Packer, who has been vocal about his intentions to grow his gaming company worldwide.

Las Vegas-based Fontainebleau Resorts announced in April that Publishing and Broadcasting was investing $250 million to acquire a 19.6 percent stake in the company.

The $2.8 billion Fontainebleau mixed-use project is under construction and scheduled for completion in 2009.

Crown Las Vegas is announced as a 5,000-hotel-room project with 250,000 square feet of casino space and 625,000 square feet of shops, restaurants, convention area and other amenities.

Milam said he still awaits a Federal Aviation Administration ruling for the proposed 142-story tower.

The project is tentatively scheduled to go before the Clark County Commission in July but could be postponed if there is no FAA ruling by then.

FAA spokesman Ian Gregor said the organization is seeking comments on the proposal from "several dozen people and agencies" including airlines, business organizations, pilot groups and other government agencies. The comments are due June 20.

A final ruling from the FAA is still several months away, Gregor said.

Milam said the building's final design will depend on the FAA ruling. No construction schedule has been announced.

Packer is the son of the late businessman Kerry Packer, who died in December 2005. The elder Packer, a legendary high roller and big tipper, is rumored to have won between $20 million and $40 million over several days at the MGM Grand in 1997 and tipped as much as $1 million at Bellagio.
Previously, Milam talked like as if he would sell the land if the height wasn't approved, but now with the new partners it sounds like he might lower the height if the FAA says so, and go ahead with construction.
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Old June 2nd, 2007, 10:00 AM   #394
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I'm really surprised that this building has gone this far in the aproval process. I though the FAA would give the thumbs up or down much quicker than stated above. Then again they are going to have to re route flight traffic because of this big guy. Sad to say personally I'm not really feeling it for this tower and can't put my finger on it...
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Old June 2nd, 2007, 01:04 PM   #395
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i realllly hope this tower goes ahead. Its soo amazing! but wouldnt the price be astronomical? anyone got a price range?
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Old June 2nd, 2007, 02:03 PM   #396
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i think the FAA taking their time can be seen as a good thing, it means they are seriously considering the project. If they didnt want it to go ahead the announcement would have come a lot sooner i think..... or maybe just hope. At least they didnt give an instant no anyway
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Old June 3rd, 2007, 12:50 AM   #397
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that's bullshit, we have to wait for 7 months
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Old June 3rd, 2007, 04:26 AM   #398
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omg 7 MORE MONTHS??
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Old June 3rd, 2007, 04:36 AM   #399
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According to Tabitha Keetch, LVT1's Las Vegas legal rep for zoning and permitting, it should normally take 120 days (4 months) to get a decision on something like this from the FAA.
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Old June 5th, 2007, 04:59 AM   #400
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7 MONTHS!?!?!? You have to kidding me! That building MUST GET BUILT PERIOD!
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