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Issue
22
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February
7 - 13, 2001
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Volume
1
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page
4
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The
BIG POKER ROUND UP Prize
Package #1 Prize
Package #2 |
The Sommer family trust owns one-third of Desert Passage; TrizecHahn owns the rest. The Sommer trust is majority owner of the Aladdin. "Some days our visitor counts are better than others," Harris said. "Some days it's as low as 30,000, but on others, such as the Friday after Thanksgiving, it was 80,000." Analysts say Desert Passage and the Aladdin have struggled for a host of reasons since it opened Aug. 17. One reason analysts cite is the culture clash between a high-end retail mall attached to a hotel-casino that caters to middle income visitors. Aladdin officials failed to return phone messages. One financial analyst also points to the issue of over-supply of retail along the Las Vegas Strip. "Adding another 500,000 square-feet of retail (to the Strip) is overkill," said Harry Curtis, a financial analyst for investment banking firm Robertson Stephens. The 70 tenants at the meeting represented 50 of the mall's 124 stores and restaurants. Tenants say their yearly rents range from $70 per-square-foot to $250 per-square-foot, and vary depending on the type of business, location and size of store or restaurant. Tenants also pay a fee for mall maintenance equal to 20 percent of their rent. Friday's meeting came on the heels of TrizecHahn Corp.'s public announcement of plans to sell its share of Desert Passage within about a year. Harris said TrizecHahn planned to sell its stake because the company wants to focus on its core business: managing office buildings. The planned sale also outraged tenants. Bob Massi, a Las Vegas lawyer, spearheaded Friday's meeting to offer the retailers direction on how to negotiate a solution with the mall's owner. He recommended that the group form an association of tenants, headed by an advisory board, to gather common complaints from retailers. The board would then follow up by scheduling a meeting with the mall's owners to negotiate changes. "The last thing you want to do is wind up in a court of law because it gets ugly and expensive," Massi said. "If you can't schedule a meeting with them the next step would be to go to mediation." |
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Broadway
Musical "DanseSing" BeatleMania
LIVE!
at Flamingo Bay Ballroom
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ALPINE, CA - Gloria C. Avila of National City, CA, won $418,822.25 on the Betty Boop-themed wide-area progressive system January 21 at Viejas Casino. Avila hit the jackpot on the first spin playing a quarter "Double Jackpot" game, one of seven distinct game versions in the Betty Boop's Big Hit series. |
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