Who Owns Vegas
L
By Andrew Hudson
Last updated:
First published: October 2005
Andrew Lai
Operating through Cogent Investment LLC, in February 2008, announced an Asian-themed 386-room Crowne Plaza hotel, to open in 2010 at Spring Mountain Road and Valley View Blvd. The Crowne Plaza brand is licensed from IHG.
Andrew Lai is a local investor and developer. His company is Cogent Investment LLC. Owns other land in Chinatown with local broker and investor, Susan Krygiell.
Has also discussed a 3,400-room hotel in two building, in "Las Vegas Chinatown" at Spring Mountain Road and Wynn Road.
Lake at Las Vegas Joint Venture LLC
Owns the Ritz-Carlton Lake Las Vegas (349 rooms) through subsidiary Village Hotel Investors which declared bankruptcy in July 2008. May be partly owned by Atalon Group.
Landry's Restaurants, Inc.
Hotels: 1; Rooms: 2,307
11/20/09: The Golden Nugget opens its Rush Tower with 500 rooms.
11/3/09: Golden Nugget owner Landry's may go private with a buyout by Chairman, CEO and 55% owner Tilman Fertitta.
Founded, owned and led by CEO Tilman Fertilla
landrysrestaurants.com |
Hoovers profile
Purchased the Golden Nugget (opened in 1946, now with 1,907 rooms + 400 being added) in downtown Las Vegas from Poster Financial Group (Timothy Poster and Thomas Breitling).
Landry's is a Houston-based firm that owns and operates over 300 restaurants including Chart House, Rainforest Cafe, Landry's Seafood House, Joe's Crab Shack, and Willie G's Seafood & Steakhouse. In 2008, the publicly-traded company agreed to be taken private with a buyout from its founder Tilman J. Fertitta (who owned 39% of the company) through Fertitta Holdings Inc. The deal valued the company at $415 million and the company had $885 million in debt. Tillman J. Fertitta lives in Houston, Texas and is a cousin of Frank and Lorenzo Fertitta, owners of Station Casinos, Inc.
| Landry's Hotels in Las Vegas | ||
| Hotel | Opened | Rooms |
| Golden Nugget | 1946 | 2,307 |
| Total | 2,307 | |
LaPour Partners
Hotels: 1; Rooms: 125
Led by Jeff LaPour
Building "Element" (125 rooms, opening 2008), an extended-stay hotel in Summerlin, close to the Nevada Cancer Institute. Element is a brand of Westin, part of Starwood Resorts. Jeff LaPour was regional manager for Jackson-Shaw Co. from 1997 to 2001.
| LaPour Hotels in Las Vegas | ||
| Hotel | Opened | Rooms |
| Element | 2008 | 125 |
| Total | 125 | |
Larco Hospitality Management
Subsidiary of Larco Investments which operates the food and beverages at JW Marriott.
Larco Investments
Based in Vancouver, Canada. Owns and operates JW Marriott Las Vegas Resort, Spa & Golf through subsidiary Hotspur Resorts and Larco Hospitality Management. The JW Marriott was originally developed as The Resort at Summerlin by Swiss Casinos of America, but after a change of name to the Regent, went bankrupt. Bought the bankrupt Regent Las Vegas in 2001. The adjacent Rampart Casino is owned by Millennium Management Group.
| Larco Hotels in Las Vegas | ||
| Hotel | Opened | Rooms |
| JW Marriott LV Resort | 2001 | 459 |
| Total | 459 | |
Las Vegas North Strip LLC
Briefly owned the 5.43-acre site of the former La Concha Motel. Acquired from Lorenzo Doumani's Majestic Resorts for $180 million the cancelled Majestic/Conrad/Waldorf project and sold to Triple Five Nevada Development Corp.
Las Vegas Sands Corporation
Hotels: 3, in one complex; Rooms: 7,052
Chairman: Sheldon Adelson
President and Chief Operating Officer: William P. Weidner
NYSE: LVS | lasvegassands.com | Hoovers profile
News 11/17/08: Las Vegas Sands may go bankrupt. Sheldon Adelson sold the Comdex trade show in 1995 to build the Venetian Casino Resort which includes the main tower (1999, 3,014 rooms), Venezia (2003, 1,013), and Palazzo (3,025 rooms, opened Jan 2008). Sheldon owns about 65% of Las Vegas Sands. The company is named for the "Sands" hotel, famed for its connection with Frank Sinatra's Rat Pack, which was on the site of today's Venetian.
The Venetian's Grand Canal Shoppes are operated by Forest City Commercial Management.
One condo tower is currently under construction. Developed and operated by Starwood Hotels, it will be called The St. Regis Residences at the Venetian Palazzo, Las Vegas. Another hotel tower and another condo tower are proposed.
| Las Vegas Sands Hotels in Las Vegas | ||
| Hotel | Opened | Rooms |
| The Venentian | 1999 | 3,014 |
| Venezia | 2003 | 1,013 |
| Palazzo | 2007 | 3,025 |
| Total | 7,052 | |
Macau
Macau, near Hong Kong, is a Special Administrative Region of People's Republic of China. Las Vegas Sands Corp is developing a large section of The Cotai Strip, a landfill project between two islands. Las Vegas Sands has seven sites:
- Venetian Macau (3,000 suites, opened 2007)
- Four Seasons Macau (400 rooms)
- Far East Consortium Project (Dorsett? perhaps three hotels, 2,000 rooms expanding to 3,000)
- City of Dreams (Melco and PBL) 2,000 rooms in three hotels
- Shangri-La and Traders
- Sheraton and St. Regis (4,460 rooms, opening 2009) Starwood
- Hilton and Conrad
- Fairmont and Raffles
Las Vegas Wet, LLC
See Wet Holdingings, Inc.
The Light Group
Will manage MGM Mirage's Harmon Hotel and Residences. Started the Light nightclub at the Bellagio and Jet at the Mirage. Managing partner is Andy Masi. Based in Las Vegas and founded by Andrew Sasson and Andy Masi.
The Light Group is 50 percent owned by Zabeel Investments. Founded in 2006 and based in Dubai. Bought in 2008.
The Lightstone Group
Private | lightstonegroup.com
From 2007 to 2010, The Lightstone Group controlled Extended Stay hotels (as HVM LLC).
In 2007, an investor group led by Lightstone bought Extended Stay from Blackstone Group for $8 billion. However, the chain went into bankruptcy in June 2009 and was bought in May 2010 for $3.9 billion by Paulson & Co., Centerbridge Partners and, guess who, Blackstone Group.
Founded in 1988 by David Lichtenstein, The Lightstone Group is a private real estate investor based in New Jersey.
Marvin Lipschultz
Owns the Golden Palm Hotel. The 150-room hotel — on Tropicana Avenue just west of I-15 — closed on March 12 2007. Currently offering the hotel for sale for around $46 million. This was the site of a Charlie Palmer hotel but that deal fell through.
LLV Holdco LLC
A subsidiary of Atalon Group which owns the Lake Las Vegas Resort. Assumed ownership in January 2008 and declared bankruptcy in July 2008.
Loews Corporation
Hotels: 1; Rooms: 493
NYSE: LTR | loews.com | Hoover's profile
Loews Corporation is a diversified holding company based in New York City. The company has interests in insurance companies (CNA Financial), tobacco (Carolina Group), watches (Bulova), oil drilling (Diamond Offshore Drilling), natural gas pipelines (Boardwalk Pipelines).
In 2006, Loews' subsidiary, Loews Hotels Holding Corporation (loewshotels.com, Hoover's profile) bought 25% of The Hyatt Regency Lake Las Vegas (1999, 493 rooms) and renamed it Loews Lake Las Vegas. The other 75% was bought by a private investor. The previous owner was Transcontinental Corp.
| Loews Hotels in Las Vegas | ||
| Hotel | Opened | Rooms |
| Loews Lake Las Vegas | 1999 | 493 |
| Total | 493 | |
Loews LLV Hotel LLC
Hotels: 1; Rooms: 493
Owns the Loews Lake Las Vegas, but was sued for foreclosure by Wells Fargo Bank, trustee for the lenders, on 6/2/09.
The company was formed for the 2006 purchase of Loews Lake Las Vegas hotel (then known as the Hyatt Regency Lake Las Vegas Resort (1999, 493 rooms)) and is 25% owned by hotel chain Loews Corporation (through subsidiary Loews Hotels Holding Corporation, loewshotels.com, Hoover's profile) and 75% owned by a private investor. The hotel company is managed by L.H. Investments I LLC of New York. Loews LLV Hotel LLC defaulted on a $581k operating loan in 2009.
Wells Fargo Bank leads the lenders through CWCapital Asset Management LLC.
In 2006, Loews' subsidiary, Loews Hotels Holding Corporation (loewshotels.com, Hoover's profile) bought 25% of The Hyatt Regency Lake Las Vegas (1999, 493 rooms) and renamed it Loews Lake Las Vegas. The other 75% was bought by a private investor. The previous owner was Transcontinental Corp. which defaulted on a loan.
LVT1, LLC
March 2008: Crown Las Vegas is probably no more. A lack of equity funding forced the project to be cancelled and the land (owned by Archon) is being sold off.
Crown Las Vegas was originally proposed as the tallest building in the Western Hemishphere — an enormous 1,888-foot-high tower. But the height was prohibited by the FAA (Federal Aviation Administration). Reduced to 1,064 feet, the project was to include a 300-room hotel, 4,700-condo units and open in 2010. The project was under the name of Sahara Las Vegas Corp.
The project was announced in 2006, when LVT1 agreed to buy the 26-acre site of the former Wet n Wild waterpark (1985-2004). LVT1 agreed to pay $450m to the current owner, Archon Corp. However, the structured land purchase was not fully completed and Archon may still own the land.
LVT1, based in Delaware, was a consortium of:
- IDM Properties. Privately held by Chris (Christopher) Milam and based in Austin, Texas (IDM = International Development Management).
- Crown LTD (37.5% ownership) Australia's largest casino operator, controlled by Australia's richest tycoon, James Packer.
- York Capital Management, a New York investment fund.
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Copyright © 2005–2011 Andrew Hudson for Photo Tour Books, Inc. Written for A Photo Tour of Las Vegas. You may reproduce this article for personal, educational, non-commercial and non-Internet use, such as in a hobbyist newsletter or school project. No Internet publishing is permitted. For commercial use, please email Andrew Hudson for permission.