IS THIS PROPOSED NEW DEVELOPMENT GOING TO PROVIDE THE AREA WITH THE NEEDED ECONOMIC BOOST?

Implications: Just because there might be a new investor that has an interest in the Lady Luck casino does not necessarily mean an answer to a prayer. There is a definite need for investors of all kinds to take an interest in the downtown gaming and business corridor. It is the only way to revive the place and keep it in the 2007’s...

Analysis: What is the real outlook for the area of gaming, hotel and retail businesses in the vital downtown arena. It’s has a bleak overtone to it at this moments. The Mayor of Las Vegas has put all his efforts and influence behind revitalizing this important part of town. It most cases it has fallen on deaf ears as the strip gets all the attention with little left for where it’s really needed. There is no doubt that the emergence of a new hotel investment group could certainly help the Lady Luck. This is a featured property on Freemont Street and has given the place a sore eye with it’s closure. The same fate could certainly await the Binion’s Casino. This is a hotel/casino that for the longest time carried the Horseshoe logo, but was taken by Harrah’s when they purchased the property a few years back. When they sold to the current owners, only the Binion name went with the sale. This was a very good property and had a lock on some very specialized business however the owners have let this once famous hotel fall on hard times. There have been all sorts of rumors about a sale – they are being denied, however show them the cash and they will certainly exit stage left.

The only way that downtown will ever see a very real revival would be if all the property owners that are now operating in this district would ban together. They need to take more then just their properties into consideration – the entire area needs their input and financial backing to survive. Make no mistake, this is a very vital area for Las Vegas – the Mayor can certainly see the handwriting on the wall – everyone directly concerned must also wipe off their glasses for a better view. Remember that for many years investors have been extolling the possibility of connecting the strip with the downtown gaming corridor. It’s certainly a good bet that the strip will be moving north toward Freemont Street in the near future. In order to make this dream come true, there must be a downtown to connect to. So, what’s the future have in store? There are a few details that we spoke about above that would help in the restoration. We need to let the business association downtown get moving and make some sound decisions. There is a need to get the seedy side of LV out of the area. It must be a place that all feel safe walking the mall type sidewalks – It also needs to be taken out of the 1940’s and brought up to date. The customers are much more sophisticated and demand more for their dollar. It can be done, it needs to be done and the sooner the better for all concerned…