Developer to acquire former Wet ‘n Wild site for $618 million

The Texas-based developer who wants to build a 1,064-foot hotel tower on the old Wet ‘n Wild site is making a second attempt to secure the land.

Christopher Milam has entered into a new agreement to purchase the 27-acre site south of the Sahara for $618 million, or $22.9 million per acre, from a land subsidiary of Archon Corp., according to a Wednesday filing with the Securities and Exchange Commission.

An initial agreement for an investment group led by Milam to purchase the site for $475 million, or $17.7 million per acre, expired in June.

Milam, along with original partners Melbourne, Australia-based gaming company Crown Ltd. and New York-based private equity firm York Management, had planned to build a $5 billion mixed-use development called Crown Las Vegas before the initial deal expired.

The filing, made by Archon, did not reveal Milam’s current plans or who any co-investors might be.

Milam did not return a call or e-mail request for comment on the new agreement. The Lowden family, who control Archon Corp., also did not return a call.

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