Boccardi Capital Systems Announces $200 Million Bid for Desert Inn Property; 200 Acre Parcel Would be Site of Las Vegas' Newest Gaming and Entertainment Property.Business Editors LAS VEGAS--(BUSINESS WIRE)--March 14, 2000 Believing in the continued strong growth potential of the Las Vegas Las Vegas (läs vā`gəs), city (1990 pop. 258,295), seat of Clark co., S Nev.; inc. 1911. It is the largest city in Nevada and the center of one of the fastest-growing urban areas in the United States. market, Boccardi Capital Systems today announced its bid to acquire approximately 200 acres, including the Desert Inn Hotel and Casino casino or cassino (both: kəsē`nō). 1 Card game played with a full deck by two to four players. Its origins are obscure though it probably traces back to the Italian game of Scopa. and Golf Course, for $200 million in cash to develop its own uniquely branded gaming, hotel and entertainment property. "Our cash offer reflects our confidence and belief in the continued growth potential of the Las Vegas market and the strong economy," said Fabrizio Fabrizio is an Italian first name and surname. Partial list of people called "Fabrizio"
tr.v. ful·filled, ful·fill·ing, ful·fills also ful·fils 1. To bring into actuality; effect: fulfilled their promises. 2. exceptionally with acquisition of this property." The all-cash offer is for approximately 200 acres of property beginning with the corner of Las Vegas Boulevard and Sands Avenue where the Desert Inn Hotel and Casino currently stands and moving out into the Desert Inn Golf Course. Terms of the offer also included provisions for acquiring just a 30 acre parcel including the Desert Inn Hotel and Casino for a total of $100 million should Starwood elect to package a deal that way. The offer would remain in effect until Thursday Thursday: see week. , March 23, 2000. "We believe our offer will meet the needs of our investors and Starwood's shareholders since it is essentially a land play proposal involving only cash that can be closed quickly," Boccardi added. "Our proposal is also best positioned for the long term since it is questionable that the existing operations can be truly successful without major changes." Boccardi has proposed development of an uniquely branded property and entertainment entity redefining the future of the Las Vegas marketplace by emphasizing a strong mix of consumer focused product and entertainment lines bringing back the excitement of the original gaming proposition. Last October October: see month. , Boccardi Capital Systems released findings from a study it commissioned by Arthur Andersen For the U.S. Supreme Court case commonly known as Arthur Andersen, see . Arthur Andersen LLP, based in Chicago, was once one of the "Big Five" accounting firms (the other four are PricewaterhouseCoopers, Deloitte Touche Tohmatsu, Ernst & Young and KPMG), performing and Economics Research Associates indicating there was potential for additional successful gaming properties in Las Vegas provided they were cutting-edge concepts creating an element of excitement missing from some of the recent entries into the mega-resort market. "The underlying fundamentals driving growth in the Las Vegas economy are still very much intact and provide an ideal environment for a project like ours to succeed," said Boccardi. "Location is only one component among many determining success in this business. We believe our proposal will take Las Vegas to the next level in terms of revenue opportunities, growth outside of the local market and creating strong consumer loyalty." The study reviewed the historical and projected environment of the market including site (location, neighbors and availability), regional economics, hotel market (supply and demand), casino or gaming market potential as well as the retail and entertainment market potential. Boccardi Capital Systems is a Las Vegas-based development and investment company comprised of investors from the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and Europe Europe (y  r`əp), 6th largest continent, c.4,000,000 sq mi (10,360,000 sq km) including adjacent islands (1992 est. pop. 512,000,000). .
|
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion