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Who Owns Vegas
Las Vegas Hotels by Owner:
Who Owns What On The Las Vegas Strip
Last updated: August 27, 2009.
First published: October 2005.
By Andrew Hudson
For hotels listed by name, click here.
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8/19/09: The Greek Isles changes hands. Following bankruptcy, the hotel's ownership is assumed by the lenders through Canpartners Realty, a holding company Canyon Capital Realty Partners and Spectrum Group Management. The Greek Isles was formerly known as the Debbie Reynolds Hotel and Casino.
7/28/09: Station Casinos, Inc. filed for Chapter 11 bankruptcy protection. The filing included the holding company (Station Casinos, Inc) and 17 noncasino affiliates, but not the company's 18 casino properties. Pressured by the debt load of the management-led buyout in 2007.
7/1/09: The Tropicana (1957, 1,876 rooms) has a new owner: Onex Corp., a private equity group based in Toronto.
Hotels Bankrupt Today
(or "Who Doesn't Own Vegas"):
Read more at News.
Introduction
Want to own a Las Vegas hotel? You'll need company, or at least a company. Since Del Webb acquired the Sahara in 1961, the resort hotels of Las Vegas have been mainly financed, built and bought by corporations. When a new hotel costs billions of dollars (Wynn Las Vegas cost $2.7B in 2005), only groups that can tap equity and stock markets have big enough pockets to build something new. Talk about a big gamble.
Of the 131,503 hotel in Las Vegas (LVCVB 2006), MGM MIRAGE controls about one quarter and Harrah's controls about one eighth. About 40,000 rooms are under construction, bringing the room count to 171,276 by 2010.
Let's see who owns what.
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