More Vegas problems. It seems condos aren’t selling too well.
Two luxury high-rise condominium projects on opposite ends of Las Vegas Boulevard have run into financial trouble, though both developers remain optimistic about the market’s long-term prospects.
The 275-unit Streamline Tower in downtown Las Vegas filed for Chapter 11 bankruptcy protection Wednesday, while the twin-tower, 359-unit One Las Vegas development near Windmill Lane has been taken over by the lender.
Both projects were financed by Corus Bank of Chicago. Estimated construction cost was $150 million for One Las Vegas and $125 million for Streamline.
…Corus will be offering units at One Las Vegas at a discount of about 50 percent from original prices that started in the $400,000s, he said.
And then there’s Jim Cramer’s bullish calls this week:
Las Vegas Sands (LVS), Wynn Resorts (WYN): “LVS is good. I like WYNN which is still best in show.”
While at Wynn Las Vegas you can visit its new club, XS, and order its signature cocktail (scroll down).
The “Ono” cocktail features Dom Perignon Enotheque champagne and Louis III de Remy Martin Black Pearl cognac. The cocktail is priced at $10,000 and comes with men’s sterling silver cufflinks embossed with a stingray and the raised XS logo and a woman’s 18k white-gold chain with a black pearl pendant and XS logo.
Reader Matt writes, “Apparently Steve Wynn didn’t get the depression memo?”
