The pay ratio of the top boss to the typical employee shot past 100-to-1 at several companies with sizable holdings in Southern Nevada, including casino operators.
Casinos & Gaming
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More than 16 years after the New Frontier was toppled, the Strip property hasn’t seen a new project take shape.
One side of the street has massive resorts, but the other side has low-slung motel buildings, a boarded-up tavern and a never-finished Ferris wheel project.
The Clark County Building Department issued a demolition permit last week for the domed, Roman-themed structure.
Penn Entertainment’s application to city officials also includes a convention center and a theater for the west Henderson resort.
Brett Torino and Paul Kanavos have already teamed up to build retail projects in the heart of the casino corridor.
According to Las Vegas city records last year, the one-story project will span more than 21,000 square feet and sit on a 5-acre plot of land.
Dream Las Vegas is estimated to cost around $550 million and slated to open in late 2024.
It was the latest high-priced deal in Las Vegas that did not produce transfer tax revenue that supports schools and low-income housing in Nevada.
Over the past year or so, Las Vegas has seen a rising tally of sales and construction plans involving vacant land, retail properties and hotels on or near its famed casino corridor.
The Summerlin estate has been on and off the market over the past few years and was priced at $24.5 million last fall.
The proposal marks yet another new venture for Water Street, a once-sleepy corridor that city officials have long sought to revitalize.
Fontainebleau hotel-casino developer Jeffrey Soffer is back at the helm, moving forward on the journey to complete the north Strip skyscraper.