Who Owns Vegas


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Who Owns Vegas
Photo © Andrew Hudson
Welcome to fabulous Las Vegas
Last updated:
First published: October 2005

Caesars Entertainment Corp.

A proposed (in 2008) but not implemented rebranded name for Harrah's Entertainment, Inc.

Terry Caudill

See TLC Casino Enterprises, Inc..

Cannery Casino Resorts, LLC

December 2007: This privately-held company was bought in December 2007 by Crown LTD, Australia's largest casino operator.

Was Managed by William Paulos and William Wortman and operated the Cannery Casino and Hotel (opened 2003, 200 rooms). Cannery Casino Resorts was 58% owned by Millennium Management Group (William Paulos and William Wortman) and 42% owned by Oaktree Capital Management.

William Wortman bought the Nevada Palace casino on Boulder Highway in 1984. With the investment of Oaktree Capital, Wortman bought out two minority partners (may include Renate Schiff) in 2006 to gain full ownership. The Nevada Palace will be demolished and replaced with a second Cannery casino (Eastside Cannery) with 307 hotel rooms. Cannery Casino Resorts was sold in 2007 to Crown LTD.

Canpartners Realty Holding Co. IV LLC

Since 8/17/09, owns the Greek Isles Hotel and Casino (202 rooms).

Canpartners Realty is the holding company for Los Angeles-based Canyon Capital Realty Partners and Bronx, N.Y.-based Spectrum Group Management. In 2007, Canyon and Spectrum loaned $56 million to GIH-SPE II (an investment group led by developer Harold Rothstein) to buy the Greek Isles for $83 million. However, GIH defaulted on the loan in August 2008 and, following bankruptcy in April 2009, Canpartners assumed ownership in August 2009.

Ownership history:

  • 1970: Opened as the Paddlewheel. Later named The Royal Inn.
  • 1983: Bought by Debbie Reynolds and renamed Devvie Reynolds Hollywood Hotel.
  • 1999: Bought by Convention Center Drive LLC and renamed Convention Center Drive Hotel and Casino.
  • 2001: Remodeled and renamed Greek Isles Hotel and Casino.
  • 2007: Bought by GIH-SPE II LLC (Harold Rothstein) for $48.8 million.
  • 2009: Aquired out of bankruptcy by Canpartners (lenders Canyon Capital and Spectrum Group)

Canyon Capital Realty Advisors

Through Canpartners, owns the Greek Isles (202 rooms) with Spectrum Group Management.

Canyon Capital Realty Advisors LLC and its affiliate Canyon Capital Advisors LLC are registered investment advisors and money management firms based in Los Angeles, Calif., with more than $15 billion of capital under management.

Cendant Corporation

Cendant Corporation
(NYSE: CD, cendant.com, Hoovers profile).

Used to own Wyndham Worldwide. Wyndham was spun off as a separate, publicly-traded entity as of July 21, 2006.

There is a proposal to rename Cendant as Avis Budget Group, Inc.

Centex Destination Properties

From 2005 to 2006, owned one acre of the former Westward Ho (1965-2005) site. Centex Destination Properties is a division of Houston-based Centex Homes.

Centex Homes

Hotels: 0; Rooms: 0
Centex Homes

For one year (Nov 2005 to Oct 2006), owned one acre of the former Westward Ho (1965-2005). The site was purchased in November 2005 for $146 million by C D P W H Acquisition, LLC, which included a division of Centex called Centex Destination Properties. The other 14 acres were owned by Tharaldson Cos. The site was sold in October 2006 to Harrah's which then gave it (in exchange for Barbary Coast) to Boyd Gaming for use in Echelon Place.

Houston-based Centex Homes was formed in 2001 to build homes and condominiums in resort destinations. Centex currently has a condo complex at Lake Las Vegas.

Centra Properties, LLC

Hotels: 0; Rooms: 0

Private | centraprop.com

Announced the ultimately cancelled 300-room Las Ramblas hotel. The land was sold to Edge Group in 2006.

Partnered with The Related Companies, Inc., After Midnight Company (private, amcbars.com) and George Clooney.

Las Ramblas was to be on Harmon Avenue and based on the famous La Rambla boulevard in Barcelona, Spain.

Centra was founded in 2001 by partners James M. Stuart and Kenneth J. Sullivan III and is a Las Vegas developer that is building a shopping center on the Strip called Town Square Las Vegas (opening 2006).

Charlie Palmer

Celebrity chef, a partner in Palmer City-Core Union Park Hotel building the Charlie Palmer Hotel (426 rooms) in downtown.

Charlie Palmer Hotel Group

Defunct group that was going to build the Charlie Palmer Hotel (400 condo-hotel rooms, 2008) located on three acres at Tropicana Avenue and Dean Martin Drive, the site of the Golden Palm casino. The project was cancelled on 2/15/07.

Partners included: Charlie Palmer, restauranteur; Marvin Lipschultz, land owner; Bill Richardson, former Mandalay Bay executive and owner of W.A. Richardons Construction; Dan Juba, principal of Las Vegas-based Klai Juba Architects.

The Charlie Palmer Hotel is now being built by Palmer City-Core Union Park Hotel.

Choice Hotels International, Inc.

Hotels: 4; Rooms: 506; Rank: 46

NYSE: CHH | choicehotels.com | Hoover's profile

Based in Silver Spring, MD, Choice Hotels is a hotel franchisor. Brands include Comfort Inn, Quality Inn, Econo Lodge, Rodeway Inn, Sleep Inn. Chairman Stewart Bainum and his family own about 45% of the company.

The Quality Inn Key Largo was closed in January 2005.

Choice Hotels in Las Vegas
Clarion 150
Comfort Inn North 124
Comfort Inn Las Vegas 106
Econo Lodge 126
Total 506

CIM Group

Bought the Lady Luck Casino and Hotel (791 rooms, opened 1964) in 2007 from Downtown Resorts, LLC., possibly for $25 million. Based in Hollywood, CA, development company CIM invested in the Lady Luck through subsidiary CIM LL Las Vegas LLC. A principal is John Given.

The Lady Luck was opened in 1964 as Honest John's (a newsstand and smoke shop), renamed Lady Luck in 1968. Hotel rooms were added in 1972, 1983 and 1989. Owners were Andy Tompkins (1964-2000), Isle of Capri Casinos (2000-2003), Steadfast Cos. (2003-2005), The Henry Brent Company / Andrew Donner's Downtown Resorts (2005-2007).

CityCenter Holdings LLC

The operating company for MGM's CityCenter project. CityCenter Holdings LLC is a 50/50 joint venture between MGM Mirage and Dubai World (through subsidiary Infinity World Development Corp.), holding company for the emirate of Dubai.

City-Core Development

A partner in Palmer City-Core Union Park Hotel proposing the Charlie Palmer Hotel (426 rooms). Based in San Francisco, the president is Richard Kaufman.

CKX, Inc.

Robert Sillerman and Simon Fuller.

News 11/10/08: Planned buyout with FX did not pan out.

In June 2007, CKX spun off FX Real Estate and Entertainment Inc. (FXRE) to develop The Elvis Las Vegas resort.

CKX controls the image rights to Las Vegas' ultimate icon, Elvis Presley and is working with Cirque du Soleil to create an Elvis-themed show.

CKX properties include:

  • Elvis, as Elvis Presley Enterprises, Inc. (EPE) (85% ownership).
    Bought in 2005 from Elvis' daughter, Lisa Marie Presley, who owns the remaining 15%. CKX manages Graceland, Elvis' former home in Memphis, and Elvis' widow, Priscilla, is one of CKX's directors.
  • Ali, as G.O.A.T. LLC. aka Muhammad Ali Enterprises LLC (80%).
    Bought in 2006 for $50 million from Ali who owns the remaining 20%. G.O.A.T. stands for "Greatest of All Time."
  • Simon Fuller — 19 Entertainment (100%).
    Bought in 2005 for $210 million. Fuller developed the Spice Girls and American Idol, and is now a business partner of Sillerman (see below).
  • MBST, a manager of comedians (100%).
    Bought in 2005. MBST (Morra, Brezner, Steinberg & Tenenbaum Entertainment, Inc.) manages Robin Williams, Billy Crystal and Woody Allen, and advises the Beatles' Apple Corps.

CKX, based in New York City, was founded in 1986 as a golf franchiser called Sports Entertainment Enterprises, Inc. In 2005, media mogul Robert F.X. Sillerman led an investor group that acquired control of the company and changed the name to CKX, Inc. CKX stands for "Content is King", plus X, Sillerman's trademark. Sillerman bought rights to Elvis, Muhammed Ali, and Simon Fuller's American Idol. CKX went private in 2007, merging with 19X, a company owned by Sillerman and Simon Fuller.

Robert (Bob) F.X. Sillerman is a former radio and concert mogul. In the 1990s, Sillerman started SFX Entertainment, which became the biggest US concert, theatre and sports promoter before it was sold in 2000 to Clear Channel for $4bn. He formed CKX in 2005 when another company he owned, Sports Enterprises, bought Simon Fuller's 19 Entertainment.

Robert Sillerman companies:

  • SFX Broadcasting, Inc. (1992-1998)
  • SFX Entertainment, Inc. (1997-2000) sold to Clear Channel Communications for $4.4 billion.
  • MJX Asset Management (2003-)
  • FXM Asset Management LLC
  • FXM, Inc. (2000-2005) a private investment firm
  • CKX, Inc. (2005-)
  • FXRE (FX Real Estate and Entertainment, Inc. (2007-)

Simon R. Fuller is the creator of TV's popular American Idol. After working for Chrysalis Music in publishing and A&R from 1981 to 1985, Fuller formed 19 Entertainment in 1985. The company was named for Fuller's first #1 hit, Paul Hardcastle's "19" in 1985. Fuller developed the Spice Girls, S Club 7, the American Idol television show format (starting with Britain'sPop Idol), and promotes David and Victoria Beckham. He sold 19 Entertainment to Robert Sillerman's CKX in 2005.

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.

Cogent is the operating company of Andrew Lai, a Las Vegas-based investor and developer. Lai owns other land in Chinatown with local broker and investor, Susan Krygiell. Lai has discussed a 2,200-room hotel in two buildings, on land possibly owned by The Ribeiro Companies, in "Las Vegas Chinatown" at Spring Mountain Road and Wynn Road.

Colony Capital Acquisitions LLC

Part of Colony Capital. Partner in Fertitta Colony Partners which has agreed to buy Station Casinos for $5.4 billion. Colony Capital will own 75.8 percent.

Colony Capital, LLC.

Hotels: 12; Rooms: 6,490

Controlled by Tom Barrack
Private | colonyinc.com | Hoovers profile

In February 2007, Colony agreed to buy Station Casinos, Inc. Colony Capital will own 75.8 percent. The takeover company is called Fertitta Colony Partners which is a partnership of Station's two founders and managers (brothers Frank and Lorenzo Fertitta, who owned about 25% of Station), and Colony's subsidiary Colony Capital Acquisitions LLC. The price is about $5.4 billion plus the assumption of $3.4 billion in debt.

Station Casinos is a "locals" casino operator with 11 hotels, 4,714 roms, and several projects under development.

Colony controls 60% of Colony Resorts LVH Acquisitions, LLC which owns the Las Vegas Hilton, bought in 2004 for $280 million. The other 40% is controlled by Goldman Sachs' Whitehall Fund entities through WH/LVH Managers Voteco LLC, following a $60 million investment in Colony in 2004. The Hilton is part of Colony's Resorts International Entertainment group, overseen by Nick Ribis.

Colony was founded in 1991 by chairman and CEO Thomas (Tom) J. Barrack, Jr., who was a money manager at Robert M. Bass Group. With almost $14 billion invested, Colony Capital is one of the world's largest real estate investment funds.

Colony owns Singapore-based Raffles and casino holdings including Kerzner International, Resorts Atlantic City, Accor Casions, and the Atlantic City Hilton.

In 1998, Colony acquired Harveys Casino Resorts for $420 million.

In 2006, Colony agreed to buy Fairmont Hotels and Resorts Inc. (FHR.TO: Quote, Profile, Research) (FHR.N: Quote, Profile, Research). The price was $3.2 billion and Colony's partner is Kingdom Hotels International, headed by Alwaleed bin Talal, the world's fifth-richest person. Based in Toronto, Fairmont owns Fairmont Hotels Inc., which manages 45 luxury properties under the Fairmont brand name.

Also in 2006, Colony made a bid for Aztar Corp, owner of the Tropicana, but lost to Columbia Sussex.

Colony Resorts Hotels in Las Vegas
Las Vegas Hilton 1969 2,956
Total 2,956

Note: Colony may build a new hotel in front of the Hilton, along Paradise Road.

Station Casinos Hotels in Las Vegas
Boulder Station 1994 300
Fiesta Henderson 1998 224
Fiesta Rancho 1994 100
Palace Station 1991 (ren 1996) 1,028
Red Rock Station 2006 815
Santa Fe Station 1997 200
Sunset Station 1997 457
Texas Station 1995 200
Wild Wild West ? 262
Total 3,185
Station Casinos Hotels in Las Vegas owned with Greenspun Corp
Aliante Station 2008 202 50% with Greenspun Corp
Green Valley Ranch 2001 497 50% with Greenspun Corp
Total 699
Station Casinos Projects in Las Vegas
Castaways (downtown) 2009 ?
Durango 2010 ?

Other potential projects: Boulder/Nellis, Boulder/Tropicana, Summerlin South, Wild Wild West Gambling Hall & Hotel, the Cactus, Flamingo and Sunset/Lindell sites, and Fisher Brothers IV/Palace Station.

Colony Resorts LVH Acquisitions, LLC

A subsidiary of Colony Capital that owns the Las Vegas Hilton. Principals are Joseph Barrack, Jr. and Nicholas Louis Ribis from Colony, and Stuart Mark Rothenberg, Brahm Stuart Cramer and Jonathan Altman.

Langer from WH/LVH Managers Voteco LLC, part of Goldman Sachs' Whitehall Funds.

Columbia Entertainment

The gaming subsidiary of Columbia Sussez that owns the Tropicana.

Columbia Sussex Corporation

Hotels: 2; Rooms: 2,698

William (Bill) Yung III and his family

Private | columbiasussex.com | Hoover's profile

See Onex.

News: 5/6/08: Indirect subsidiary Tropicana Entertainment may declare bankruptcy.

Owns (through indirect subsidiary Tropicana Entertainment) and operates the Tropicana (1957, 1,878 rooms), plus nine other casinos in North America. A $2.5 billion redevelopement was announced but is currently on hold. Four new towers would be built, growing the hotel to 9,276 rooms plus 948 condo-hotel units.

Founded in 1972, Columbia Sussex is owned by President and CEO William (Bill) Yung III and his family, and is based in Kentucky.

In 2002, Columbia bought the Maxim hotel (1979-2001, 795 rooms). The company significantly remodeled and reopened the hotel in 2003 as the Westin Casuarina (816 rooms). The hotel is owned by subsidiary CP Las Vegas LLC and managed by Starwood Hotels & Resorts Worldwide, Inc. (NYSE: HOT | starwood.com | Hoovers profile).

In May 2006, Columbia agreed to buy Phoenix-based Aztar Corp., owner of the Tropicana (1957, 1,878 rooms) and its 34 acres of Strip real estate. Other bidders for Aztar were Pinnacle Entertainment, Colony Capital and Ameristar Casinos Inc.

Columbia Sussex Hotels in Las Vegas
Tropicana 1957 1,878
Westin Casuarina 1979, remodeled 2003 816
Total 2,698

Concord Wilshire Partners, LLC

Bought 7.6 acres on the north strip in 2005 for $90.25 million, then sold it to MGM Mirage for $131 million in 2007.

Was going to develop a Maxim Hotel and Casino (300 hotel rooms + 1,860 condo-hotel rooms, opening in 2010) just north of the Circus Circus hotel. The name was to be licensed from Dennis Publishing. Concord Wilshire is a Los Angeles- and Las Vegas-based real estate developer. The CEO is Steve Sirang.

Cook Inlet Region, Inc. (CIRI)

CIRI's ownership interest in Lake Las Vegas may have been acquired by The Atalon Group in 2008.

An Alaska Native regional corporation that helped finance Lake Las Vegas with Transcontinental Corp.

Gregg Covin

This Miami developer knows how to gamble: he bought a hotel for $15.6 million and sold it six months later for $21 million.

Bought the Gold Spike (110 rooms, 1976?) in 2007 from Tamares Las Vegas Properties, and sold it in 2008 to Stephen Siegel and John Tippins (Siegel Group and Tippins Holding), owners of the adjacent Travel Inn.

Credit Suisse

Dec 2008: The proposed Elvis-themed hotel may not appear as FX Real Estate and Entertainment, owner of the 18 acres, defaults to Credit Suisse.

Crown LTD

Public. CWLDF. Controlled by James Packer.

Australia's largest casino operator. Was part of Publishing and Broadcasting Ltd which split in 2007 into two separate listed companies, Crown and Consolidated Media Holdings. 38% of Crown's stock is owned by Consolidated Press Holdings, Ltd, a private company led by James D. Packer. James Packer is Australia's richest tycoon. Crown owns:

  • 19.6% (April 2006) of Fontainebleau Resorts which is building Fontainebleau Las Vegas (opening 2009, 3,889-room hotel including 2,719 standard rooms, 152 suites and 1,018 luxury condominium-hotel units).
  • 37.5% (2006) of LVT1, LLC which was building Crown Las Vegas, a 5,000-room hotel with two 1,000-plus-foot-tall towers. That project may have been cancelled.
  • 41% of Melco PBL Entertainment (Nasdaq: MPEL) operates the Crown Macau casino.
  • 100% (2007) of Cannery Casino Resorts.
  • 2.5% of Caesars Entertainment. Announced in Februrary 2008 for $172 million.
  • 4.9% of Station Casinos. Announced in Februrary 2008 for $242 million.

In December 2007, bought Cannery Casino Resorts for $1.75 billion. Cannery operated one Las Vegas hotel (the Cannery Hotel and Casinos) and was building a second hotel — East Side Cannery in East Las Vegas (307 rooms, 2008) — to replace the Nevada Palace Casino). Cannery also owned and operated the the Rampart Casino adjacent to JW Marriott (owned by Larco) in Summerlin.. Cannery Casino Resorts was 58% held by Millennium Management Group (Bill Paulos and Bill Wortman) and 42% owned by entities managed by Oaktree Capital Management.

Crown Hotels in Las Vegas
Cannery 100%2003 201
Crown Las Vegas 37.5%2010 300 4,700
Eastside Cannery 100%2010 307
Fontainebleau Las Vegas 19.6%2009 2,871 1,018
Total 3,679 5,718

CP Las Vegas LLC

A subsidiary of Columbia Sussex that owns the Westin Casuarina (816 rooms, 1979).

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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.