Bourbon Street Hotel and Casino

Last updated
Bourbon Street Hotel and Casino
Bourbon Street Hotel and Casino marquee.jpg
Location map Las Vegas Strip.png
Red pog.svg
USA Nevada location map.svg
Red pog.svg
Location Paradise, Nevada 89109
Address 120 E Flamingo Road
Opening dateFebruary 1980
Closing date18 October 2005;18 years ago (18 October 2005)
Theme New Orleans
No. of rooms166
Total gaming space15,000 sq ft (1,400 m2)
Casino typeLand-Based
Owner Harrah's Entertainment
Previous namesShenandoah Hotel

Bourbon Street Hotel and Casino (named after New Orleans' Bourbon Street) was a small hotel and casino near the Las Vegas Strip in Paradise, Nevada. Opening in 1980 as the Shenandoah Hotel, the property was plagued with licensing and financial difficulties from the start. Ownership changed hands several times, with new proprietors often envisioning major renovations or redevelopment, but none of the plans came to fruition. Finally, in 2005, it was bought by Harrah's Entertainment (later Caesars Entertainment), who closed and demolished it.

Contents

History

Shenandoah Hotel (1980-1985)

The Shenandoah Hotel began as a $29-million project, named after the Las Vegas estate of singer Wayne Newton, who was a minority investor in the property. [1] The hotel opened in February 1980. [2] The opening of the casino was delayed, however, because of a Gaming Commission investigation into Shenandoah president John Harlow Tucker for a 1975 securities fraud conviction. [3] Tucker's gaming license was ultimately denied, and he was ordered to sell his $1.8-million stake in the property. [1] Newton also pulled out, opting instead to buy the Aladdin casino. [1] The Shenandoah's landlord, Allarco Holdings of Edmonton, took over the project, and sought new investors to buy or lease the hotel, which was losing $500,000 a month. [1]

Allarco was acquired in January 1981 by Carma Developers, a Calgary-based real estate company. [4] Carma spent over two years trying unsuccessfully to sell the Shenandoah, before deciding to seek a gaming license to open the casino itself. [5] Nevada passed a law in June 1985 to enable foreign companies to receive gaming licenses, and, weeks later, Carma was the first to take advantage of the new law. [5] The property was reopened and rebranded as the Bourbon Street Hotel and Casino. [5]

Bourbon Street Hotel and Casino (1985-2005)

In January 1988, Carma sold Bourbon Street to Las Vegas Investors Ltd., a firm run by two top executives of Hotel Investors Trust. [6] [7] The following month, the firm turned around and sold the property to Hotel Investors Trust, along with the King 8 Hotel, for a total of $35 million. [7]

An agreement was announced in July 1995 to sell the property to Crown Casino Corp. for $10 million. [8] However, Crown abandoned the deal in November, losing a $500,000 deposit, citing the possibility of more attractive opportunities, a lack of attractive financing, and declining profits at the property. [9]

In August 1996, Starwood sold the property to Tarsadia Hotels for $7.8 million in cash plus $1 million in assumed debt. [10] Starwood cited a strategic focus on "full-service, high-quality hotels." [11] Tarsadia closed the property's casino and laid off its 400 workers, avoiding the complication of applying for a gaming license for its owner, Tusher Patel, who was not a U.S. citizen. [10] Patel planned to build a timeshare tower on the site, in partnership with an unidentified major casino company, but the plan was scrapped when the partner pulled out. [10]

In August 1997, Tarsadia agreed to sell Bourbon Street to Florida Gaming Corp., a jai alai operator, for $13 million in cash plus $1.5 million in stock. [12] The near-doubling of the hotel's value in the span of a year was attributed to rising property values on the Strip. [13] Florida Gaming planned to spend $6.5 million renovating the site. [12] However, the sale was never completed.

In April 2001, Tarsadia sold Bourbon Street to a partnership of Dallas-based real estate investor Michael Block, and the Red Sea Group of El Segundo, California, with a declared property value of $11 million. [14] [15] With the property losing money, the partners immediately began discussions to redevelop or sell it. [14]

In 2003, Block began negotiating with Trevor Pearlman and Reagan Silber of Edge Resorts. Block bought Red Sea's stake in the partnership for $10.55 million and sold it to Pearlman the same day for $12.5 million. Four months later, Block sold his stake to Silber for $14 million. Block had not informed Red Sea of his negotiations with Edge, leading Red Sea to successfully sue Block. [14]

Edge Resorts planned to build the W Las Vegas condo-hotel project on the site, in partnership with Starwood. However, even after buying an adjacent apartment complex, bringing the site to 8 acres total, they decided they needed more space, and bought a 21-acre lot on Harmon Avenue. [16]

Edge sold Bourbon Street and adjacent properties to Harrah's Entertainment in March 2005. [17] Records filed with the county listed the total property value at $60.6 million. [15]

Harrah's decided to close Bourbon Street effective October 31, 2005. [17] On October 18, however, a water main broke, threatening the building's structural integrity, and the property closed early. [18] Demolition work began the following January, and the tower was imploded by Controlled Demolition, Inc. (CDI) on February 14, 2006. [19]

Between 2005 and 2007, Harrah's had consolidated control of much of the east side of the central Strip, also acquiring the Imperial Palace, Barbary Coast, and much of the residential Flamingo Estates neighborhood north of Bourbon Street. [20] [21] [22] CEO Gary Loveman envisioned a mega-resort called Epicentre for the company's 350 acres. [23] As of 2020, the site is being used as a surface parking lot for employees of The Cromwell Las Vegas. [24]

Facilities

Bourbon Street had 166 hotel rooms, including 16 suites. [8]

The casino was 15,000 square feet (1,400 m2). As of 1995, it had 420 slot machines and 15 table games. [8] By the time it closed in 2005, it had just 100 slot machines, managed by slot route operator United Coin. [17]

Related Research Articles

<span class="mw-page-title-main">MGM Resorts International</span> Hotel and entertainment company

MGM Resorts International is an American global hospitality and entertainment company operating destination resorts in Las Vegas, Massachusetts, Michigan, Mississippi, Maryland, Ohio, and New Jersey, including Bellagio, Mandalay Bay, MGM Grand, and Park MGM.

<span class="mw-page-title-main">Harrah's Entertainment</span> American gaming corporation

Harrah's Entertainment was an American casino and hotel company founded in Reno, Nevada, and based in Paradise, Nevada, that operated over 50 properties and seven golf courses under several brands. In 2013, it was the fourth-largest gambling company in the world, with annual revenues of $8.6 billion. It was acquired in 2020 by Eldorado Resorts, which then changed its own name to Caesars Entertainment.

<span class="mw-page-title-main">Planet Hollywood Las Vegas</span> Casino resort in Las Vegas, Nevada

Planet Hollywood Las Vegas is a casino hotel on the Las Vegas Strip in Paradise, Nevada, United States. It is owned and operated by Caesars Entertainment. The resort includes a 64,470 sq ft (5,989 m2) casino and 2,494 hotel rooms. It also features the Miracle Mile Shops and a 7,000-seat entertainment venue known as Bakkt Theater.

<span class="mw-page-title-main">Harrah's Las Vegas</span> Hotel casino in Las Vegas, Nevada

Harrah's Las Vegas is a hotel and casino centrally located on the Las Vegas Strip in Paradise, Nevada. It is owned by Vici Properties and operated by Caesars Entertainment. The property originally opened as a joint venture with Holiday Inn. Construction began in April 1970, and the hotel portion opened on February 1, 1972, as the Holiday Inn Center Strip. The casino portion, known as the Holiday Casino, opened on July 2, 1973. Shelby Williams was among the casino's investors. After his death in 1977, his wife Claudine Williams took over operations. Holiday Inn purchased an interest in the casino operation in 1979, and bought out Williams entirely in 1983, although she would remain as chairwoman.

<span class="mw-page-title-main">Wild Wild West Gambling Hall & Hotel</span> Casino hotel in Nevada, United States

The Wild Wild West Gambling Hall & Hotel was a hotel and casino in Paradise, Nevada, near the Las Vegas Strip. It was owned and operated by Station Casinos. While the casino and adjoining 260-room hotel were relatively small, the site is over 58 acres (23 ha) in size.

The Showboat Hotel and Casino, known as the Castaways Hotel and Casino from 2000-2004, was a hotel and casino located at the north end of the Boulder Strip in Las Vegas, Nevada. The hotel consisted of a 19 story tower containing 445 rooms, a casino and an adjacent RV park. The Castaways hotel was demolished on January 11, 2006 to make way for a new resort. However, construction never started on the project, and much of the property was redeveloped as the Showboat Park Apartments, opened in 2021.

<span class="mw-page-title-main">Oyo Hotel & Casino</span> Casino hotel in Las Vegas, Nevada

Oyo Hotel & Casino is a casino hotel near the Las Vegas Strip in Paradise, Nevada, United States. It is owned by Highgate and Oyo Hotels & Homes, and its casino is operated by Paragon Gaming. It is located east of the Strip and next to the Tropicana resort. The hotel has 696 rooms with a 30,000-square-foot (2,800 m2) casino.

Riviera Holdings Corporation is a defunct casino operator that was based in Winchester, Nevada. It owned two casinos: the Riviera on the Las Vegas Strip, closed in 2015; and the Riviera Black Hawk in Black Hawk, Colorado, sold in 2011.

<span class="mw-page-title-main">Binion's Gambling Hall and Hotel</span> Casino in Las Vegas, Nevada

Binion's Gambling Hall & Hotel, formerly Binion's Horseshoe, is a casino on Fremont Street along the Fremont Street Experience mall in Downtown Las Vegas, Nevada. It is owned by TLC Casino Enterprises. The casino is named for its founder, Benny Binion, whose family ran it from its founding in 1951 until 2004. The hotel, which had 366 rooms, closed in 2009. TLC reopened 81 of the rooms as a boutique hotel called Hotel Apache in July 2019.

<span class="mw-page-title-main">Harrah's Reno</span> Casino hotel in Nevada, United States

Harrah's Reno is a closed casino hotel in downtown Reno, Nevada. It is owned by CAI Investments, which plans to renovate the building as a mixed-use development named Reno City Center.

<span class="mw-page-title-main">W Las Vegas</span> Casino, Condominium, Hotel, Retail in Nevada, United States

W Las Vegas was a planned condo-hotel and casino resort near the Las Vegas Strip in Paradise, Nevada. It was announced in August 2005 as a joint venture between Edge Resorts and minority partner Starwood. The project was initially expected to cost $1.7 billion, and would include approximately 3,000 hotel, condo hotel, and residential units, as well as a 75,000 sq ft (7,000 m2) casino, in addition to restaurants, nightclubs, and shopping. The project initially was to be built on 21 acres (8.5 ha) located east of the Las Vegas Strip. The cost of the project ultimately increased to $2.5 billion.

Caesars World Inc. was a hotel and casino operator. It began as Lum's Inc., owner of the Lum's chain of restaurants. It shifted into the gaming business with the purchase of Caesars Palace on the Las Vegas Strip in 1969, selling off the restaurants and changing its name. Caesars grew to eight casinos and resorts over the years, until going through a series of ownership changes beginning in 1995 and was ultimately absorbed by Park Place Entertainment in 1999.

<span class="mw-page-title-main">American Casino & Entertainment Properties</span> Casino holding company based in Las Vegas, Nevada

American Casino & Entertainment Properties (ACEP) owned and operated 4 casinos. It was purchased by Golden Entertainment in October 2017 for $850 million. ACEP was a casino holding company headquartered at the Stratosphere Las Vegas. ACEP was a wholly owned subsidiary of American Real Estate Partners before it was sold to Whitehall Street Real Estate Funds, an investment arm of Goldman Sachs, in February 2008. The company owned the following 4 casinos: Aquarius Casino Resort, Arizona Charlie's Decatur, Arizona Charlie's Boulder and Stratosphere Las Vegas. Golden Entertainment acquired ACEP from Whitehall.

<span class="mw-page-title-main">Clarion Hotel and Casino</span> Demolished casino hotel in Las Vegas, Nevada

Clarion Hotel and Casino, formerly known as Debbie Reynolds' Hollywood Hotel and Greek Isles Hotel & Casino, was near the Las Vegas Strip in Paradise, Nevada. The hotel originally opened in 1970 as a Royal Inn, and also operated under the names Royal Americana Hotel and The Paddlewheel Hotel Casino before being purchased by Debbie Reynolds in 1992. After Reynolds sold the property in 1999, it was briefly owned by the World Wrestling Federation, and was then sold and remodeled as the Greek Isles.

<span class="mw-page-title-main">Ojos Locos Sports Cantina y Casino</span>

Ojos Locos Sports Cantina y Casino is a casino in North Las Vegas, Nevada. The property is owned and operated by Fifth Street Gaming. It includes an Ojos Locos sports bar and restaurant, as well as a 90-room hotel known as Hotel Jefe.

<span class="mw-page-title-main">Park Place Entertainment</span> American casino company

Park Place Entertainment, later named Caesars Entertainment, Inc., was a casino company based in Paradise, Nevada. For a time it was the largest casino operator in the world. It was formed in 1998 as a corporate spin-off of the gaming division of Hilton Hotels, and renamed as Caesars Entertainment in 2003. The company was acquired in 2005 by Harrah's Entertainment, which later took on the Caesars Entertainment name.

<span class="mw-page-title-main">Downtown (Nevada gaming area)</span> Nevada Gaming Control Board term for area in and around Fremont Street

"Downtown Las Vegas Area" is the name assigned by the Nevada Gaming Control Board (NGCB) which includes the Downtown Las Vegas area casinos and the Stratosphere Tower which is located 2 miles (3.2 km) from Fremont Street. The city of Las Vegas uses the term Downtown Gaming for the casinos near the Fremont Street Experience. The land is part of the 110 acres (45 ha) that were auctioned on May 15, 1905 when the city was founded.

The LV Strip is one of the designated Nevada Gaming Control Boards reporting areas. It consists of the Las Vegas Strip casinos and many of the surrounding casinos. The Strip earns roughly 50% of the gaming revenue from all sources for the state of Nevada.

<span class="mw-page-title-main">Caesars Entertainment</span> American gaming company

Caesars Entertainment, Inc., formerly Eldorado Resorts, Inc., is an American hotel and casino entertainment company founded and based in Reno, Nevada that operates more than 50 properties. Eldorado Resorts acquired Caesars Entertainment Corporation and changed its own name to Caesars Entertainment on July 20, 2020.

Vici Properties Inc. is a real estate investment trust (REIT) specializing in casino and entertainment properties, based in New York City. It was formed in 2017 as a spin-off from Caesars Entertainment Corporation as part of its bankruptcy reorganization. It owns 54 casinos, hotels, and racetracks, 4 golf courses, and 38 bowling alleys around the United States and Canada.

References

  1. 1 2 3 4 Weiss, Clyde (October 14, 1980). "Las Vegas deck stacked against Allard". Edmonton Journal. Retrieved 2012-01-09.
  2. ↑ Weiss, Clyde (November 19, 1980). "Shenandoah exec plans New Year's Eve opening". Las Vegas Review-Journal. p. 6B.
  3. ↑ Weiss, Clyde (May 13, 1980). "Nevada looking at gambling license". Spokesman-Review. Retrieved 2012-01-09.
  4. ↑ "Carma takes over". The Leader-Post. January 14, 1981. Retrieved 2012-01-09.
  5. 1 2 3 Atkinson, Don (June 20, 1985). "Carma awaits casino approval". Calgary Herald. Retrieved 2012-01-09.
  6. ↑ "Consolidated Carma sells Bourbon Street Hotel and Casino". PR Newswire. 3 February 1988. Retrieved 9 January 2012.[ dead link ]
  7. 1 2 "Woodland Hills Hotel Firm To Lease Las Vegas Casinos". Los Angeles Times. 14 June 1988. Retrieved 9 January 2012.
  8. 1 2 3 "Clarification Of Bw1066 Crown Casino To Purchase Las Vegas Casino". Business Wire. 17 July 1995. Retrieved 9 January 2012.
  9. ↑ "Note E". Quarterly Report (Report). Crown Casino Corporation. 13 December 1995. Retrieved 9 January 2012.
  10. 1 2 3 Steinhauer, Adam (30 April 1997). "Bourbon Street still in transition". Las Vegas Review-Journal. Retrieved 9 January 2012.
  11. ↑ "Starwood Lodging completes $7.8 million sale of Bourbon Street Hotel and Casino". Business Wire. 13 September 1996. Retrieved 9 January 2012.
  12. 1 2 Berns, Dave (8 August 1997). "Bourbon Street swallowed". Las Vegas Review-Journal. Retrieved 9 January 2012.
  13. ↑ Berns, Dave (11 August 1997). "Bourbon Street's value doubled in past year". Las Vegas Review-Journal. Retrieved 9 January 2012.
  14. 1 2 3 Red Sea Gaming, Inc. v. Block Invs. (Nevada) Co.(13 January 2010), Text .
  15. 1 2 "Parcel Ownership History, Parcel 162-16-410-047". Clark County Assessor's Office. Archived from the original on 25 December 2012. Retrieved 9 January 2012.
  16. ↑ Smith, Hubble (24 August 2005). "Development: W Hotel Takes Sin City Spin". Casino City Times. Retrieved 10 January 2012.
  17. 1 2 3 Stutz, Howard (30 Jul 2005). "Bourbon Street Casino Closing". Review Journal. Retrieved 4 April 2011.
  18. ↑ "Bourbon Street Casino closed early by Harrah's". Las Vegas Review-Journal. 18 October 2005. Retrieved 9 January 2012.
  19. ↑ "Vegas Today and Tomorrow" . Retrieved 4 April 2011.
  20. ↑ Stutz, Howard (23 August 2005). "Imperial Palace sold: Harrah's keeps buying". Las Vegas Review-Journal. Retrieved 10 January 2012.
  21. ↑ Koch, Ed (18 December 2006). "Landowners stand in way of 'the gorilla'". Casino City Times. Retrieved 10 January 2012.
  22. ↑ Vogel, Ed (8 February 2007). "Regulators recommend land swap". Las Vegas Review-Journal. Retrieved 10 January 2012.
  23. ↑ Binkley, Christina (2008). Winner takes all: Steve Wynn, Kirk Kerkorian, Gary Loveman, and the race to own Las Vegas. Hyperion. pp. 278–280. ISBN   978-1-4013-0236-8.
  24. ↑ Google Maps Street View of Site (Map). March 2020. Retrieved 24 December 2018.

36°06′54″N115°10′02″W / 36.114869°N 115.167253°W / 36.114869; -115.167253

This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.