19th March 2007

New Frontier Next To Go?

posted in Las Vegas |

New Frontier Las Vegas

That is the rumor that’s been swirling around for some time.

But today, it seems that an article in “The Real Estate Intelligence Report” is lending real credibility to the rumor.

This is one I won’t be sad to see go. I’ll personally tear the damn thing down for free with nothing but a fork and white-hot rage if they give me permission.

From: http://www.theslatinreport.com/story.jsp?StoryName=0319frontier.txt

The Plaza Hotel may be coming to Las Vegas. And rooms will certainly be pricey.

Elad Properties, the Israeli-owned real estate investment group that is deep into an extensive renovation of the landmark hotel in New York, New York, is about to announce that it is purchasing the New Frontier Hotel & Casino in Las Vegas. Sources say the purchase price could be as sky-high as $40 million per acre or $1.5 billion for the 38.5-acre site.

If the deal is consummated, it is more than a sure bet that the Frontier which opened in 1942 and has been in continuous operation ever since will finally close and disappear, as did its nearby cousin, the Stardust, on March 12. The site will become one of several new megadevelopments, including the Stardust, Sahara and Echelon, in planning or under way on the north end of the Las Vegas Strip.


There are currently 8 responses to “New Frontier Next To Go?”

  1. 1

    On March 19th, 2007, Jerry P said:

    The smells of of Old Vegas are leaving. Guess I should stop in and try to hand them some money next week while in town.

  2. 2

    On March 20th, 2007, Anthony Padbury said:

    I’m all for change, but the cheap hotel rooms may be soon a thing of the past!

  3. 3

    On March 20th, 2007, D.P. said:

    The cheap hotel rooms, meals and good gambling odds are already a thing of the past on the strip. 10 yeas ago you could swing a dead cat on the strip without hitting a sign for $1.99 steak and eggs or $4.99 prime rib dinners.

    Now, the best you can do is drive 5 miles south of Mandalay Bay for $2.99 steak and eggs (midnight to 9:00 AM at South Point). I think the least expensive prime rib dinner is what Bill’s has for $13.95. Monte Carlo does advertise 2 lbs of snow crab legs for $16.95 but the one night we stopped in there (right after Lance Burton’s show). They were out of them. I guess not to many people get up and walk out like we did judging by the look on the staffs face.

  4. 4

    On March 20th, 2007, Jerry P said:

    Anybody know anything about Riviera??? The stock was up over $2 today. I looked for info online but found nothing. Just curious if somebody heard something on the tube.

  5. 5

    On March 20th, 2007, Jerry P said:

    DP

    I’m not sure the cheap hotel room is gone. Sooner or later they will have too many rooms on the strip and they won’t be at 95-98% occupancy like they are now, they will bring the price down to fill those rooms so they can lure everybody to go see one of the million Cirque shows or to a slot machine. It might be 5 years but the price will have to come down to match the amount of rooms.

    And if by some chance they do fill all those rooms I sure as hell don’t want to be anywhere near the strip when it happens. It will take a week to go from Trop to Sahara.

  6. 6

    On March 20th, 2007, D.P. said:

    Even Wall Street’s given up saying Vegas is or is about to become overbuilt. It’s like Field of Dreams. Build it and they will come……..and like sheep they do.

    I look for prices to come down with the next ressesion hits. In the past, Vegas has been pretty much ressesion proof with it’s cheap hotels, cheap meals and good gambling. Now that those things are gone I feel Vegas may be in line to suffer right along with other popular tourist destinations.

    Still, even if the New Frontier was the last cheap place to stay, eat and drink on the strip I’d want to see it imploded. It should have gone long before the Stardust went.

  7. 7

    On March 20th, 2007, Joe Blow said:

    I think you are right about the overbuilding. There are only so many whales to chase and so many yuppies willing to overspend on rooms at properties where even they can’t afford a decent night of gambling. But the fact remains that reasonable room rates can still be had on The Strip. Ballys, Flamingo, Monte Carlo, Harrahs, Excalibur and that old favorite Imperial Palace continue to offer decent room rates.

    It’s the cost of gambling that has gotten out of hand on The Strip. Now Harrahs is everywhere mid strip, and there is no $5 Blackjack or Craps to be found at any of their properties, including, according to initial reports, Bill’s Gamblin Hall. Add to that the proliferation of 6:5 Blackjack.

    It looks like the South Strip is going to become the budget end of The Strip very quickly. At least you can still find some lower-end gambling options on table games at Excal, Trop, Monte Carlo, and sometimes even NYNY and Luxor. The funny thing is, you can still find the occasional $5 table at Bellagio during the day, but no longer at Imperial Palace.

  8. 8

    On March 20th, 2007, lavi d said:

    Some very insightful observations.

    What about this for a long-term trend?

    New, medium-scale resort/casinos which deliver on the “old” ideal of Vegas, i.e., loose slots, cheap meals, affordable rooms and better table odds?

    Not mega-opulent, WOW palaces, but like, say a rebuilt Sands, totally retro, down to the payouts?

    Hmm. You heard it here first :)