HISTORIC MOULIN ROUGE HOTEL AND CASINO EXECUTIVE SUMMARY
Las Vegas Moulin Rouge LLC January 2018
Neighborhood Multi-Site Revitalization Mixed-Use Community Center + Gaming Live Work Spaces & Entertainment Center LVMR LLC
Our Goal is to create an Entertainment based Community Center
Contents .......................................
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1.0 Summary
2.0 Competative Analysis
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3.0 Project Description
4.0 Operations
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5.0 Financials
6.0 Supplemental
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Contents
3
EXECUTIVE SUMMARY 1.0
4
Executive Summary
Executive Summary A. Project Concept The Las Vegas Moulin Rouge LLC (LVMR LLV) is proposing to re-develop, finance and build Phase I, II & III of the Moulin Rouge Hotel & Casino in the City of Las Vegas. On April 2, 2008, the City of Las Vegas approved a re-zoning of 15.44 contiguous acres located in “Uptown” Las Vegas. The historic re-zoning allows for the rebirth of one of Las Vegas’ oldest chartered hotel and casinos, and now allows for an unparralled investment opportunity in an emerging market in the Las Vegas Market. This proposed project is in a unique position to capitalize not only on the propoerty’s Historic Significance but on the continued revitalization of “Downtown Las Vegas” as it is already home to the Smith Center, the Lou Rouvo Brain Institute, the Clevland Clinic and the World Market Center (currently planning an expansion starting in 2018). Las Vegas as whole is experiencing a renaisance of new and existing project expansions that only add to the opportunity which included the promise of a mono-rail stop along the eastern edge of the project. Phase One Costs of the New Moulin Rouge Hotel & Casino are projected to be approximately $400 million, Phase Two is estimated be an additional $400 million with $ 800 million required for Phase Three including all additional proerty aquisitions.
Executive Summary
5
Executive Summary Moulin Rouge Hotel & Casino: Transforming the Westside into “Uptown” Las Vegas The hotel and casino will be built in two primary phases. At full build-out, the Moulin Rouge Hotel & Casino will be the centerpiece for a comprehensive master plan development of the west side of Las Vegas encompassing a Performing Arts Center, World Entertainment Center (WEC) complex, mixed-use residential/commercial and retail components, and high-rise condominium apartment projects transforming the area into “Uptown” Las Vegas. With over $400 million of “minority” money being spent in Las Vegas each year, MRDC is poised to capture a large portion of this revenue through a two-phase build-out. Phase I is anticipated to be a locals and destination hotel and casino, while the second phase will be geared toward attracting small to large conventions that continue to be a large revenue generator to the world’s most popular city.
Phase I - The first phase of the Moulin Rouge Hotel & Casino maximizes the unrestricted gaming license with an over 25,000 SF gaming floor, 400 new hotel rooms with “Venetian Style” suites in one hi-rise tower, two restaurants including a buffet, 40,000 SF of convention and meeting rooms, as well as a pool-side night club. Included is a 1,200seat show room, a 200-seat jazz center, two lounges, a “Vegas” style pool with a poolside sports book, and over 25,000 SF supporting retail and spa facilities. The night club and pool areas will emphasize live performances. The new hotel will also incorporate the current historic “Moulin Rouge” neon sign as well as portions of the original casino façade. A 5,000 SF historical museum is also included in the intial phase of the project.
6
Executive Summary
Phase One will create thousands of direct and indirect jobs to the west side of Las Vegas and will include major public subsidy for roadway and pedestrian improvements. At its completion, the hi-rise hotel tower will be a visible historic landmark that will become a beacon for the newly-created “Uptown� Las Vegas.
Phase II - is currently in the conceptual design phase, which will include additional gaming floor, retail spaces, entertainment, and restaurant venues as well as an additional hotel tower containing 1,000 new hotel rooms along with 50,000 SF of new convention space and associated structured parking facilities. The conceptual design of Phase II is completed with full design and construction drawings commencing as market demand dictates the need for additional hotel keys.
Master Plan: LVMR continues to acquire adjacent properties that surround the Moulin Rouge Hotel & Casino. This includes land to the east where the new alignment of Freeway Interstate 15 will see a new off ramp directly onto West Bonanza Road, land to the north that is owned and controlled by the Housing and Urban Development Department, and properties across West Bonanza Road (south) in order to accomodate Phase Three of the planned development.
Executive Summary
7
History of moulin rouge 1.1 8
Executive Summary
History of moulin rouge • The Moulin Rouge opened on May 24, 1955, built at a cost of $3.5 million. It was the first integrated hotel casino in the United States. Until that time almost all of the casinos on the Strip were totally segregated—off limits to blacks unless they were the entertainment or labor force. • A veritable "A" list of performers regularly showed to party until dawn. Great black singers and musicians such as Lena Horne, Sammy Davis Jr., Louis Armstrong, Sarah Vaughan, Nat King Cole, Duke Ellington, Dorothy Dandridge, Harry Belafonte, Pearl Bailey, and Count Basie would perform often. These artists were banned from gambling or staying at the hotels on the Strip. In November 1955 the Moulin Rouge closed its doors, and by December 1955, the casino had declared bankruptcy. • In 1992 the building was listed on the National Register of Historic Places and became a symbol of the expanding of black civil rights, and a monument of Las Vegas’s racist past. • The Moulin Rouge is the only entertainment site recognized on the U.S. National Register of Historic Places for its significance to the civil rights movement.
Executive Summary
9
current state of affairs 1.2 10
Executive Summary
Moulin Rouge project is a 15.44 acre site located 15 minutes from McCarran International Airport and less than 1 mile from Downtown Las Vegas.
Historic gaming area 5.44 acres of project has a grandfathered non-restricted gaming license and an unlimited liquor license. Gaming license is renewed every two years.
Property is in foreclosure and controlled by Resource Transition Group of Seattle Washington. Las Vegas Moulin Rouge LLC has lease contract and purchase agreement.
Site has been abandoned for a number of years. Estimated $3.5M required to raze existing structures. Property is zoned for intended use.
Executive Summary
11
Moulin rouge gaming lice
In November 1955 the Mou 1955, the casino had decla Nevertheless, to maintain it closed properties) operates minimum of eight hours eve
The Moulin Rouge Non-re
Gaming license 1.3 12
Executive Summary
While numerous types of lic non-restricted gaming licen ü a property having 16 or ü a property having any n device, race book or sp
ense status
ulin Rouge closed its doors, and by December ared bankruptcy. ts gaming license, the Moulin Rouge (like many s on a temporary basis for a state-mandated ery two years.
estricted Gaming License is Active and Intact
censes and approvals can be granted by the commission. The nse, is granted for the operation of: r more slot machines; number of slot machines together with any other game, gaming ports pool at a single location.
Executive Summary
13
Location by Google earth 1.4 14
Executive Summary
Â
Executive Summary
15
strategy
Planned use 1.5 16
Executive Summary
Moulin Rouge will be three (3) phases of development. When fully built out, the Moulin Rouge Hotel and Casino will be the center piece of a comprehensive master planned development which will include a performing arts center, world-class entertainment center complex, and a mixed-use residential /commercial project.
Phase1
Hotel and Casino, Bars, Meeting Rooms, Restaurants, Buffet, Showroom, Historical Museum
Additional Rooms and Gaming + Phase2
Entertainment, retail and restaurant venues
Phase3 Mixed Use residential space with street level retail, office, parking and a 12,000 seat arena.
Executive Summary
17
Based on an appraisal done in 2008 by Cushman Wakefield
Current land value
74M
Land on Las Vegas Blvd w per acre. Off the Strip it is
1.6 18
Executive Summary
Current Appraisals will be ordered during the due diligence period
We take a conservative approach to the valuation and estimate
20M+
??M
with gaming license is valued between $16M -$33M s valued between $2M – $4M per acre.
Â
Executive Summary
19
COMPETITIVE ANALYSIS 2.0
20
Competitive Analysis
Competitive Analysis
21
How many visitors Q1 Las Vegas per yea 42,312,216 What is Las Vegas Q2 revenue? (Strip &
Las vegas stats and facts 2.1 22
Competitive Analysis
$6.842 Billion
What is the avera Q3 gambling budget p $579
s come to ar?
What is Las Vegas' hotel Q4 occupancy? 89.8%
What is the average nightly gaming Downtown) Q5 room rate?
n
$120
How long is the average age visitor's Q6 visitor's trip (in nights)? per trip? 3.4 *The data based on LVCVA Research Center Â
Competitive Analysis
23
How downtown performed in the past six months Downtown Las Vegas is up for the period (+2.10%), with a growing slot win(+ 2.65%) helped slightly by a growing game win (0.33%).
2.2 24
Competitive Analysis
T S G
Total win
+2.10% Slot win
+2.65% Game win
0.33%
$60,000,000
$50,000,000
$40,000,000
$30,000,000
$20,000,000
$10,000,000
$0
Slot Win Feb
Mar
Game Win Apr
May
June
Total Win July
Competitive Analysis
25
How downtown performed by top table games
Craps
$29,346,000 34 Units
3-Card Porker
$10,005,000 17 Units
2.3 26
Competitive Analysis
Roulette
Other Games
32 Units
29 Units
$14,034,000
$9,450,000
Twenty-one
Pai Gow
216 Units
15 Units
$47,601,000
$4,162,000
Competitive Analysis
27
HIGHLIGHTS Acreage
15.18
Location
Central Las Vegas
APN
Visibility Frontage Zoning
PROPERTY OVERVIEW 2.4 28
Competitive Analysis
139-28-703-014 139-28-703-013 139-28-703-005 139-28-711-001 Visible from I-15 and I-95 Freeways Bonanza Rd. C-2
Moulin Rouge | 15.18 Acres • Overview
MOULIN ROUGE PROPERTY OVERVIEW The subject property consists of 4 separate parcels totaling 15.18 acres which was formerly the historical Moulin Rouge Hotel & Casino site and the adjacent parcels that have been previously improved with a 109-unit motel in 1955, a 56-unit apartment facility in 1964 and a 59-unit condominium complex in 1964. The structures were typically constructed of wood frame and stucco on concrete slabs which have all been boarded up, vacant and, based on information provided as well as an exterior inspection, are in a poor, uninhabitable condition. As such, the existing improvements no longer contribute to the value to the subject and the valuation of the parcels will be based on land value minus costs to demolish existing improvements. The subject is located in the City of Las Vegas’ redevelopment area which is planned for revitalization. It is our understanding that the 5.44 acre parcel has been grand fathered with a non-restricted gaming license and that the remaining parcels benefit from their immediate proximity to the site.
ACREAGE BREAKDOWN
APN
Address
Acreage
1
139-28-703-014
840 W. Bonanza Ave.
5.44
2
139-28-703-013
920 W. Bonanza Ave.
2.33
3
139-28-703-005
1001 McWilliams Ave.
3.56
4
139-28-711-001 thru 059
901 McWilliams Ave.
3.85
NORTHCAP COMMERCIAL Competitive Analysis
29
SITE This map is for assessment use only and does NOT represent a survey.
NOTES
No liability is assumed for the accuracy of the data deliniated herein. Information on roads and other non-assessed parcels may be obtained from the Road Document Listing in the Assessor's Office. This map is compiled from official records, including surveys and deeds, but only contains the information required for assessment. See the recorded documents for more detailed legal information. USE THIS SCALE(FEET) WHEN MAP REDUCED FROM 11X17 ORIGINAL
0
100 40
40
005
R=15
106 060 031
30
>
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200.51
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25
600
088
25
204 214
005
61
61
800
61
61
61
001
032
153.51
61
016 044
48.76
001 2.53
595.56
004
M ST
N ST
051
561.36
41
600.29
043
042
100.06
040
26.27
214 012
009 013
017 6.58
002 1.42
008
30
006 007 011
30
PARCEL MAP
041
MARTIN L KING BLVD
80.04
204 R=15
203
100
036
10
010
640.82
179.6
037
30
3
8.
MORGAN AVE
701
053
640
-PHASE 1
048
2.5
100
PM 101-97
150
150
007 0.34
008 0.52
049 036 027
150
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024
025
100
026
026
014
LAND INVESTMENT OPPORTUNITY | MOULIN RO 30
Competitive Analysis
Moulin Rouge | 15.18 Acres • Site
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34.2
033 033
002
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50.11
50.11
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40
104
WASHINGTON AVE
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50.11
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50.11
087 090
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080 082 098 078
138
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140
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076 103
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N 2 SE 4
MAP
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Rev: 5/3/2016
Scale: 1" = 200' 17
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139-28-7
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MAP LEGEND
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T20S R61E
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069 067 095
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068 061
065
066
>
30
PARCEL BOUNDARY CONDOMINIUM UNIT 001 SUB BOUNDARY 001 PARCEL NUMER AIR SPACE PCL PM/LD BOUNDARY 1.00 ACREAGE RIGHT OF WAY PCL ROAD EASEMENT PARCEL SUB/SEQ NUMBER SUB-SURFACE PCL MATCH / LEADER LINE PB 24-45 PLAT RECORDING NUMBER HISTORIC LOT LINE HISTORIC SUB BOUNDARY BLOCK NUMBER HISTORIC PM/LD BOUNDARY 5 LOT NUMBER SECTION LINE GL5 GOV. LOT NUMBER ROAD PARCEL NUMBER
SEC.
BOOK
ASSESSOR'S PARCELS - CLARK CO., NV. Michele W. Shafe - Assessor
034
DOWNEY WY
003
REED PL
11
MORGAN AVE
031 5 R =2
702
20
14
GRANT ST
LEVY LN
J ST
DOWNEY WY
13
I ST
001 35.74 GERSON AVE
25
12 11
711 203
650
325
019
DESERT CACTUS
140 2
005
125
225
70 20
R=25
006
150
100
407.02
039 017
020
50
030
022 001
096
107
96.04
65 284
096
57
140
015 0.59
095
20
195
20
011 0.18 60
194.82
66.68
66.63
181.99
016 1.06
095
30
029
BONANZA RD
014 5.44
40 .
140 82
10
028
22 6. 0
013 2.33
023
150
12
140
195
"A"
72
VAC 2209:2168951
See Condo List Page
010 0.88
335
OUGE
325
10
027
325
384.43
020
VAC 2209:2168951
146.3
142
295.27
401.58
66.58
004 4.71
630
630
003 4.71
25
021
PB 28-76
650
710 PB 24-94
006 0.22
13 14
018
"B"
238.4
238.4
CONTRACTORS SQUARE
703
See Condo List Page
005 3.56
25
035
20
30
016
015
014
017
H ST
214
MCWILLIAMS AVE
TAX DIST 203,204,214
NORTHCAP COMMERCIAL Competitive Analysis
31
BOYS & GIRLS CLUB OF AMERICA
TERRIBLES HERBST CAR WASH / CHEVRON
N. Ma rtin L. Kin g Blv d.
UPS CUSTOMER CENTER
W. McWi lliams
PENSKE TRU RENTAL
PACIFIC SUPPL
W. Bonan za
VICINITY MAP
XTREME MANUFACTURING
95
2.6 32
Competitive Analysis
LAS VEGAS REVIEW JOURN
Moulin Rouge | 15.18 Acres • Overview Aerial
s Ave.
LY
3
4 H St .
UCK
1
2
15
a Rd. KEENAN SUPPLY
TENAYA CREEK BREWERY
S NAL
NORTHCAP COMMERCIAL Competitive Analysis
33
LAS VEGAS BUSINESS
BUISNESS INCENTIVES 2.7
LAND INVESTMENT OPPORTUNITY | MOULIN RO 34
Competitive Analysis
Moulin Rouge | 15.18 Acres • Las Vegas Business Incentives
S INCENTIVES
OUGE
NORTHCAP COMMERCIAL Competitive Analysis
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BUISNESS INCENTIVES 2.7 36
Competitive Analysis
Moulin Rouge | 15.18 Acres • Las Vegas Business Incentives
NORTHCAP COMMERCIAL Competitive Analysis
37
FINANCIAL INCENTIVE
FINANCIAL INCENTIVES 2.8
LAND INVESTMENT OPPORTUNITY | MOULIN ROU 38
Competitive Analysis
Moulin Rouge | 15.18 Acres • Financial Incentive Programs
E PROGRAMS
UGE
NORTHCAP COMMERCIAL Competitive Analysis
39
DOWNTOWN LAS VEGAS
95
15
PROPERTY AERIALS 2.9 40
Competitive Analysis
LAND INVESTMENT OPPORTUNITY | MOULIN ROUG
GE
Moulin Rouge | 15.18 Acres • Drone Visuals
LAS VEGAS STRIP
WORLD MARKET CENTER LAS VEGAS
NORTHCAP Competitive Analysis COMMERCIAL 41
95
15
PROPERTY AERIALS 2.9 42
Competitive Analysis
Moulin Rouge | 15.18 Acres • Drone Visuals
NORTHCAP COMMERCIAL
Competitive Analysis
43
PROPERTY AERIALS 2.9
LAND INVESTMENT OPPORTUNITY | MOULIN RO 44
Competitive Analysis
OUGE
Moulin Rouge | 15.18 Acres • Drone Visuals
W. B o n anz a
Rd.
15
NORTHCAP COMMERCIAL Competitive Analysis
45
PROPERTY AERIALS 2.9 46
Competitive Analysis
W.
Bo
nan
za
Rd
.
Moulin Rouge | 15.18 Acres • Drone Visuals
W
.B
on
an
za
Rd
.
NORTHCAP Competitive Analysis COMMERCIAL 47
Project NEON w “Spaghetti Bowl”
PROJECT NEON 2.9
LAND INVESTMENT OPPORTUNITY | MOULIN ROU
48
Competitive Analysis
Moulin Rouge | 15.18 Acres • Project Neon
will widen 3.7 miles of Interstate 15 between Sahara Avenue and the interchange in downtown Las Vegas.
UGE
NORTHCAP COMMERCIAL
Competitive Analysis
49
15 min 10 min 5 min
DRIVE TIMES
Drive Times Population Number of Employers Number Of Employees
2.9 50
Competitive Analysis
Median Age Average Income
Moulin Rouge | 15.18 Acres • Drive Time & Demographics
5 min
10 min
15 min
36,888
320,542
944,817
2,261
14,471
43,795
49,783
218,646
662,345
34.6
33.1
34.9
$37,227
$46,630
$56,114
NORTHCAP COMMERCIAL Competitive Analysis
51
NFL STADIUM
Excerpt from nfl.com By Gregg Rosenthal | March 2017 The Raiders are leaving Oakland again, this time for the neon lights of Las Vegas. In a decision that would have been hard to fathom not so long ago, NFL owners voted 31-1 on Monday at the Annual League Meeting to approve the Raiders’ proposal to relocate to Las Vegas.
CURRENT PROJECTS
The decision comes after years of fruitless efforts by Raiders owner Mark Davis to build a viable stadium in Oakland. The failure to do so, which goes back to Davis’ late father Al Davis’ stewardship of the team, led to exploring stadium options in Los Angeles and eventually Las Vegas, where Nevada lawmakers approved $750 million in public funding for a new stadium. The Autumn Wind will no longer blow through Raiders games as the team is expected to move into a planned $1.7 billion domed stadium in Las Vegas. In what is sure to be an awkward process, the Raiders won’t be moving immediately. The new stadium in Las Vegas is not expected to be ready until 2020. The Raiders plan to play at the Oakland Coliseum in 2017 and 2018, Davis said in a statement. Davis also expressed openness to staying in Oakland in 2019, although NFL Commissioner Roger Goodell said the league would look into potential venues for 2019. In the meantime, the Raiders will remain the Oakland Raiders. “My father always said, ‘the greatness of the Raiders is in its future,’ and the opportunity to build a world-class stadium in the entertainment capital of the world is a significant step toward achieving that greatness,” Davis said. This is a surreal moment involving one of the NFL’s most iconic franchises, although
2.9
NFL teams changing cities is sadly becoming routine. The news caps a frenetic 14-month stretch during which three teams announced plans for relocation. The Rams moved from St. Louis back to Los Angeles last year and the Chargers announced their decision to move from San Diego to L.A. in January. Goodell said last week on MMQB Peter King’s podcast that leaving Oakland would be “painful.” ...”
LAND INVESTMENT OPPORTUNITY | MOULIN ROU
52
Competitive Analysis
Moulin Rouge | 15.18 Acres • Development Projects NHL
UNLV SCHOOL OF MEDICINE
Excerpt from espn.com
Excerpt from knpr.org
By Arash Markazi | March 2017
By Joe Schoenmann | February 2017
The Vegas Golden Knights officially joined the NHL as the league’s 31st team and were formally cleared to make trades and roster transactions before the league’s trade deadline.
Nevada lawmakers provided $27 million two years ago to get the school up and running. Governor Brian Sandoval wants to add another $53 million to that total. The request is in his current budget.
While the team finished the day without making its first transaction, Foley and general manager George McPhee are beginning to get a good sense of the team they will be able to put together following June’s expansion draft and entry draft.
Most of that money has been used to hire faculty, Atkinson said.
“We’ve been downstairs the last 2½ days doing mock drafts with all of the pro scouts and going through every team, and George is getting calls periodically from various teams on potential ideas for things that could happen,” Foley said. “We’ve done nothing yet. There are lots of different discussions, but we’re just not in a position to make commitments. We just don’t want to do something that would hamper us in the expansion draft. “That’s what we’re all preparing for now: The focus on various players is becoming more clear and more pronounced. We’re picking the same players assuming they’re going to be available.”
The first 60 students in the school will pay no tuition. That means the total of their more than $100,000 in debt will be covered by a fundraising effort Atkinson spearheaded. With big help from the Engelstad Family Foundation -- which is paying tuition for 26 students for each of the next four years -- she raised $13.5 million in just 60 days in 2015. Meanwhile, the city of Las Vegas is expecting a big redevelopment spurt in the city’s urban core from the medical school. Betsy Fretwell, city manager, said by 2020--just three years from now -- the school will have a $600 million impact on the economy; will result in more than 4,000 new jobs; and bring in an addition $30 million in tax revenue. In 13 years, those numbers are projected to quadruple.
Foley was initially scheduled to make his final payment on April 5 to make the team an active member of the NHL, but he moved up that date up so the team could field calls during the trade deadline, and McPhee could participate in the general managers meetings in Boca Raton, Florida, next week, and Foley could prepare for the board of governors meetings next month. “The whole notion of moving it up to March 1 from April 1 came up casually several months ago,” McPhee said, “but I said, ‘Gee, it would be kind of nice to do it on March 1 so we can be involved in the trading deadline and I can go to the GM meetings and we can start competing for young free agents out there.’ Bill said, ‘Well, if we need it, I’m going to do it.’ That’s a big help for all of us...”
UGE
NORTHCAP COMMERCIAL
Competitive Analysis
53
CONVENTION CENTER
Excerpt from knpr.org
Excerpt from reviewjournal.com
By Joe Schoenmann | February 2017
By Richard N. Velotta | December 2016 The $1.4 billion Las Vegas Convention Center expansion and improvement project authorized in a special session of the Nevada Legislature in October took a big step forward Tuesday. The Las Vegas Convention and Visitors Authority board of directors approved the second phase of the project by unanimously authorizing an eight-month $1.28 million contract extension with its builder representative, Cordell Corp., to begin the process of designing a 600,000-square-foot exhibit hall. The first phase involved demolition of the Riviera.
CURRENT PROJECTS
Between the middle of February and the end of March, Cordell officials will meet with convention authority staff, its contracted partners and customers that conduct conventions and trade shows in Las Vegas to solicit ideas for needs in the construction program. Those ideas will be reviewed by the authority board and a seven-member oversight panel appointed by Gov. Brian Sandoval to develop the building design. Cordell principal Terry Miller said he hopes to bid the design and engineering of the project by August and have a construction process in place by the end of the year, with the groundbreaking of the new hall by early 2018. Terry Jicinsky, senior vice president of operations, said Cordell would conduct focus groups and interviews and present industry trends and best practices to develop a quality facility.
2.9 54
Competitive Analysis
“We’re not looking at using Italian marble and building a 300,000-square-foot ballroom, but we won’t be using residential carpet either,” Jicinsky said of the quality the authority will work to provide...”
Moulin Rouge | 15.18 Acres • Development Projects INTERSTATE-11
HAINAN AIRLINES
Excerpt from lasvegassun.com
Excerpt from prnewswire.com
By Mick Akers | March 2017
Provided by Hainan Airlines Co | December 2016
Construction of the first 15 miles of Interstate 11, which will link Las Vegas to Phoenix and could eventually stretch from Mexico to Canada, is making progress. The Nevada Department of Transportation is in charge of the 2.5-mile phase one, while the Regional Transportation Commission is heading the 12.5-mile phase two. Both phases have been under construction since 2015 and are expected to be completed by 2018. The first phase of the $318 million Interstate 11 project is about 60 percent complete, according to the Nevada Department of Transportation. NDOT’s phase is projected to make up $83 million of the project’s total cost. “We opted to use concrete pavement due to its longevity, which, federally funded studies show, costs 13 to 28 percent less in the long run than asphalt ” NDOT spokesman Tony Illia said. “It also reduces rutting and potholes, thereby cutting maintenance expenses by up to 75 percent.”
The maiden voyage of Hainan Airlines’ new non-stop service took off from Beijing and landed at McCarran International Airport in Las Vegas at 11:00 am on December 2, 2016, following a 12-hour journey. The flight, serviced by a Boeing 787 with a Kung Fu Panda motif adorning the plane’s cabins, served as the announcement of Hainan Airlines’ formal launch of non-stop service between Beijing and Las Vegas. The new service further complements the airline’s intercontinental network. Hainan Airlines is the sole Chinese airline providing non-stop service between the two cities. A brief yet grand welcoming ceremony for the maiden voyage was held by the Las Vegas Convention and Visitors Authority at the arrivals hall in McCarran International Airport, after the plane landed at the airport. Data from the US government shows that close to 7.3 million Chinese tourists are projected to travel to the US between now and 2021. Since the launch of the BeijingSeattle service in 2008, Hainan Airlines has continued to expand its flight services to the US. Hainan Airlines’ non-stop flight to Las Vegas adds an additional transportation choice for business travelers, international students and tourists traveling between China and the US.
The stretch will allow motorists to bypass the main street through Boulder City, alleviating frequent bottlenecks and quickening the drive between Las Vegas and Phoenix.
NORTHCAP COMMERCIAL
Competitive Analysis
55
PARADISE PARK
Excerpt from reviewjournal.com By Todd Prince | January 2017 Wynn Resorts Ltd. hopes to start construction of its Paradise Park before the end of 2017, Chief Executive Office Steve Wynn said Thursday. ”I think we have nailed it down,” Wynn told investors and analysts on a call to discuss the company’s fourth-quarter results. “I hope to take the business plan to our board of directors in the second quarter and be in a position to begin work in the fourth quarter,” Wynn said of the the proposed 38acre lagoon surrounded by a convention center and hotel on the Strip.
CURRENT PROJECTS
Wynn Resorts’ future lies in nongaming attractions, Wynn said. It is those attractions that in turn bring people to the gaming tables.
“We want to take our noncasino revenue to enormously high levels,” he said while explaining the project’s concept. Wynn commented after his company reported fourth-quarter net revenue rose 37.3 percent, beating analysts’ estimates. Shares surged despite adjusted profits missing estimates as Wynn said business was off to a strong start in China. Wynn Resort’s revenue increased $353.5 million to $1.3 billion for the last three months of 2016, the company said in a statement. Wall street analysts expected the company to post revenue of $1.25 billion, based on Zacks Investment Research data....”
2.9
LAND INVESTMENT OPPORTUNITY | MOULIN ROU
56
Competitive Analysis
Moulin Rouge | 15.18 Acres • Development Projects RESORTS WORLD
HYPERLOOP
Excerpt from vegasinc.com
Excerpt from vegasinc.com
By Jeff Gillan | May 2016
By Daniel Rothberg | March 2016
Resorts World Las Vegas will begin full-scale construction sometime in the last three months of this year, an executive affiliated with the $4 billion project told Nevada gaming regulators today.
If Hyperloop Technologies Inc. has its way, North Las Vegas could become one of the few locations for testing the futuristic transportation platform that propels pods down pneumatic tubes.
Appearing before the Nevada Gaming Control Board almost exactly a year after the project held its ceremonial groundbreaking, Resorts World General Counsel Gerald Gardner said construction would get underway in earnest in the fourth quarter, with site activity starting to ramp up this summer.
With city and state officials working to make that happen, the company is expected to receive tax incentives today worth an estimated $9.2 million for a full-scale track. The company’s new commitment expands upon its initial goal to create a smaller open-air test track at the largely vacant Apex Industrial Park.
Gardner said construction of the Chinese-themed resort should be finished in early 2019. Project officials had previously said it would open in 2018.
The full-scale 2-mile track, to be operational at Apex by the end of 2016, is expected to bring the company’s workforce here to more than 100 jobs and give it a permanent presence in Nevada.
Genting Chairman K.T. Lim told board members his company’s goal for Resorts World was to complement the Strip’s existing resorts while creating a “new and unique” destination. He said he remained “very excited and engaged” with the plans moving forward. Once building activity is in full swing, Resorts World is expected to create about 5,000 direct construction jobs, Gardner said. The resort will have about 2,500 full-time employees at opening and aims to attract both Asian and domestic tourists, Gardner said. Plans for the debut of Resorts World include a hotel tower with more than 3,000 rooms, a 150,000-square-foot casino and other amenities that Gardner said would be the “latest, greatest thing on the Strip...”
UGE
Officials see it as a big economic development win. Hyperloop Tech estimates that it will invest more than $121 million, yet the technology remains untested, and experts are unsure about any company’s ability to bring Hyperloop to the market soon. The Hyperloop idea came from a design floated by Tesla CEO Elon Musk, who has described the levitating pods as a mix between a Concorde supersonic passenger jet, a rail gun and an air hockey table. Los Angeles-based Hyperloop Tech is one of several teams vying to build a working model of the frictionless high-speed pods that can transport people and goods in enclosed tubes. Hyperloop Tech declined to comment for this story, but in its tax incentive application, an executive wrote that “if selected, Nevada would be poised to compete for future expansions.” “I think it helps solidify Nevada’s brand as a place where really innovative technology is taking place and where the future of transportation is happening,” said Steve Hill...”
NORTHCAP COMMERCIAL
Competitive Analysis
57
PROPOSED DEVELOPMENT 3.0
58
Proposed Development
Proposed Development
59
MASTER PLAN 3.1 60
Proposed Development
PHS 3a PHS 1
PHS 3b
PHS 3c
PHS 2
Proposed Development
61
FLOOR PLANS 3.2 62
Proposed Development
PHASE ONE - LEVEL ONE
Proposed Development
63
FLOOR PLANS 3.2 64
Proposed Development
PHASE ONE - LEVEL TWO
Proposed Development
65
FLOOR PLANS 3.2 66
Proposed Development
PHASE ONE - LEVEL THREE
E Proposed Development
67
FLOOR PLANS 3.2 68
Proposed Development
PHASE TWO - LEVEL ONE
Proposed Development
69
FLOOR PLANS 3.2 70
Proposed Development
PHASE TWO - LEVEL TWO
Proposed Development
71
TECHNICAL PLAN 3.2 72
Proposed Development
PHASE ONE & TWO
Dark grey area indicates the original 5.5 acres of the Moulin Rouge. All gaming positions must fall within this area.
Proposed Development
73
SITE PLANS 3.2 74
Proposed Development
PHASE THREE
Proposed Development
75
SITE PLANS 3.2 76
Proposed Development
PHASE THREE
Proposed Development
77
PROJECT IMAGES 3.3 78
Proposed Development
PHASE ONE - LOOKING
SOUTH WEST Proposed Development
79
PROJECT IMAGES 3.3 80
Proposed Development
PHASE TWO - LOOKING
G NORTH EAST Proposed Development
81
PROJECT IMAGES 3.3 82
Proposed Development
PHASE THREE - CONVEN
NTION CENTER & HOTEL -LOOKING NORTH EAST Proposed Development
83
PROJECT IMAGES 3.3 84
Proposed Development
PHASE THREE - OFFICE
E COMPLEX - LOOKING NORTH WEST Proposed Development
85
PROJECT IMAGES 3.3 86
Proposed Development
PHASE THREE - MIXED
USE DEVELOPMENT - LOOKING EAST Proposed Development
87
MASTER PLAN IMAGE - LOOKING SOUTH EAST 88
Proposed Development
Proposed Development
89
PROJECT OPERATIONS 4.0
90
Operations
Operations
91
Richard Stern
Principal | Bravo West Investments
CAREER SUMMARY Richard Stern, is the Managing Member/President of Bravo West Investments, LLC. Mr. Stern will oversee the development of the Moulin Rouge Hotel/Casino and Entertainment Mixed-Use Project. Mr. Stern has a B.A. from UCLA, and an MBA from the University of Southern California. He also presently maintains an active California Real Estate Broker’s license. Mr. Stern’s banking background began at Union Bank National Division, and then he transitioned to the Controller of an eight branch Savings and Loan.
PROJECT TEAM 4.1 92
Operations
Within the Real Estate industry, Mr. Stern was President of Professional Mortgage Corporation focusing on residential and multi-family lending. Later, as President of Wheatley Investments Inc., he successfully orchestrated the purchase, finished construction, and resale of nine condominium projects. In the entertainment field, Mr. Stern directed the profitable renovation, operation, and ultimate sale of a 2500 seat concert venue in Southern California.
Scott Johnson
Gene Collins
CAREER SUMMARY
CAREER SUMMARY
Scott Johnson has been an active community member of Las Vegas since 1991. Scott graduated from the University of Arkansas, Fayettville with a B.S., in Construction Management, and was the recipient of Transition, Retention, Minority Engineering Scholarship.
Eugene (Gene) Collins is a community activist and leader who served as the NAACP President of Las Vegas Chapter from 1999-2003. He was the National Action Network President of the Las Vegas Chapter from 2001- 2012.
Principal | LVMR LLC
Through this he has become more than proficient at the use of all construction management software, Excel, Peachtree and the like. Having had his contractor’s license in the state of Nevada for over 24 years now, has allowed Scott the opportunity to work on a broad scope of both private and public construction and infrastructure projects including 24 years as the project manager and superintendent for the Richardson Construction Company. Scott’s current position of President of Las Vegas Moulin Rouge LLC., has allowed him the honoured position of voluntary community spokesperson and activist for the Las Vegas community. Scott has utilized this opportunity to continue to fight for the heritage and community prosperity of Las Vegas through his persistency in pursuit of the iconic Moulin Rouge Hotel and Casino, granting a huge employment influx and expansion of the socio-economic status of the community as a whole. Scott continues his pursuit of the realization of the Las Vegas Moulin Rouge project and has shown his ability to persevere, overcome challenges and withstand public and private scrutiny.
Principal | LVMR LLC
Gene sought public office in 1982-86 and became State Assemblyman of Nevada 6th District. He was instrumental in introducing the Martin Luther King Jr. Day, holiday bill during his term. Mr. Collins was involved in establishing the first business incubator in “Historical West Las Vegas.” During this period, he was actively involved in passing the City of Las Vegas redevelopment plan, first black president of the Sara Allen Credit Union and advocated on the committee for the construction of West Las Vegas Library. Through his activism he fought against one of Nevada gaming giants the MGM Resorts International. He held MGM Resorts accountable for not extending service contracts to minority own businesses. Because of this, in 2009, MGM Resorts was the only company based in Nevada to be named the Diversity Inc., Top 50 Companies for Diversity. In 2005, Terri Lanni, former chairman and chief executive officer of MGM, personally acknowledged Mr. Collins for his efforts. During his journey and life of advocacy, he met with heads of state, Winnie Mandela, the former wife of President Nelson Mandela, who served as President of South Africa. He has dined with three former U.S. Presidents and participated in coaching little league baseball.
Operations
93
Rick Richards
General Manager | LVMR LLC
CAREER SUMMARY A third-generation gaming executive Mr. Richards began his career with Boyd Gaming as a dealer. During the next 10 years he realized his dream of following in his father’s footsteps as a top casino professional. From 1991 thru 1995, he honed his craft at Caesars Palace on the Las Vegas strip where he oversaw the pit operations. Working his way up in the fast growing gaming world, Mr. Richards was highly sought after for his even temperament and sharp approach to business. He held top positions such as the National Branch Marketing Manager for Hilton Corporation in Houston, TX.
PROJECT TEAM 4.1 94
Operations
Returning to Las Vegas he took over as the VP of Operations for Bally’s Casino. He next held the position of VP and Assistant General Manager at Players Island in Lake Charles, LA. Mr. Richards later began a multi-position relationship with Hard Rock Casino Hotel from pre-opening, beginning as Casino Shift Manager and later as the VP of Casino Operations. Finally Mr. Richards shepherded the Hard Rock Casino through the most profi table 6 quarters in the resorts history as the General Manager of this quality based trendy casino. In mid 2002, Mr. Richards took his vast experience to San Diego to the San Pasqual tribes Valley View Casino. In the burgeoning casino industry, Mr. Richards has a wellrounded career that has seen him in riverboat, tribal, Las Vegas Strip and locals casinos.
Greg Yochum
Edward Vance, FAIA
CAREER SUMMARY
CAREER SUMMARY
A second second-generation finance professional, Mr. Yochum graduated from Canisius College in 1988 with a Business Administration degree with a focus in Accounting. Later he became a Certified Public Accountant in New York State.
Mr. Vance is the Founder and CEO of EV&A Architects of Las Vegas speciallizing in Gaming & Hospitality projects internationally. He has served his clients, his community and the profession of architecture for more than three decades. Mr. Vance is actively registered as an Architect in seven states and is NCARB certified. He earned his Bachelor of Arts and Bachelor of Architecture degrees from North Dakota State University.
CFO | LVMR LLC
Mr. Yochum first entered the gaming business as Senior Auditor with BDO Seidman. Later assuming the Controller/ Director of Finance duties at Lady Luck Casino in Las Vegas Mr. Yochum was responsible for the modernization of the accounting procedures in a very traditional environment. During the next 7 years Mr. Yochum facilitated a $47 MM refinancing package for Lady Luck which allowed access to $7 MM in additional capital. In 2000 Mr. Yochum was named Assistant General Manager and soon after VP and General Manager of Lady Luck. At the helm of this venerable property he was responsible for all aspects of the operation. After the Lady Luck was purchased by Isle of Capri Casinos Mr. Yochum assumed the Director of Finance position at Sunset Station Hotel Casino in Las Vegas. During this time he implemented value/cost relationships in departmental budgets focused on service and guest relations. This property is widely considered the premier “locals” casino in Las Vegas and has enjoyed incredible success during Mr. Yochum’s tenure. Most recently Mr. Yochum has been the VP and Chief Financial Offi cer of the Valley View Casino in San Diego California.
Architect | LVMR LLC
Mr. Vance has been awarded the AIA Nevada Young Architect Citation, the AIA Nevada Service Award and in 2006 he received The AIA Nevada Silver Medal, the highest honor bestowed on an architect in the State. He was elected to the AIA’s National Board of Directors in 2010 where he served a three year term receiving his Richard Upjohn Fellowship in 2012. He was elevated to the AIA College of Fellows in early 2014 and received the AIA Regional Silver Medal in October of the same year, the highest honor bestowed on an architect in a six state region. Mr. Vance is currently the Vice-Chancellor of the AIA College of Fellows and a past professor at UNLV’s College of Architecture where he continues to guest lecture professional practice classes and juries 5th and 6th year design studios.
Operations
95
Sam Nicholson
President | Grand Canyon Dev.
CAREER SUMMARY Nicholson is the president/founder of Grand Canyon Development Partners. With more than 35 years of civil and building construction experience ranging from manufacturing ready-mix concrete and asphalt paving, to the construction of water and amusement parks, hotel casinos, sports facilities, sports arenas, retail and entertainment venues.
PROJECT TEAM 4.2 96
Operations
Some of the notable projects he and his team have been associated with include the Cosmopolitan of Las Vegas, Grand Bazaar Shops of Las Vegas, Paris Hotel & Casino, Luxor Hotel, Caesars Coliseum, Trump International Hotel, Green Valley Ranch, Marriott Renaissance, Hyatt Regency, Phoenix Coyotes Hockey Arena, Arizona Diamondbacks Baseball Stadium, and the Phoenix Suns Basketball Arena. Grand Canyon has performed pro-bono work for St. Jude’s Ranch for Children, Southern Nevada Children First, Noah’s Animal House, and many other organizations in Nevada, assisting in the development and construction of new projects, or the repair and remodel of current facilities.
Project Organizational Chart LVMR LLC
Structure/Finance Bravo West
Public Relations R&R
Program Manager Grand Canyon
General Contractor Penta
Geo-Tech Engineer Nova
Project Manager Matt Burns, Associate AIA Vice President
Principal-in-Charge Edward A. Vance, FAIA, NCARB President | CEO
Job Captain Todd Brautigham, AIA Senior Associate
Project Designer Kevin Welch, Associate AIA Design Director
Quality Control Matthew F. Burns, Associate AIA Vice President
Interior Designer Jonelle Vance, RID, IIDA Executive Vice President
DESIGN CONSULTANTS Structural Engineer Brent Wright, SE Principal | Wright Engineers
MP&E+FP+Low Voltage Engineers Kent Bell, PE Principal | HCE
Fire Life Safety | Code Michael Gentille, CBO Managing Director | PCNA
Landscape Architect Stanton Southwick, ASLA Principal | SLA
Security | Telcom | AC | PC | AV Tom Harris, PE Principal | HCE
Civil Engineer Ken Welden, PE Principal | Collins Engineering
Specification Consultant Martin N. Hayes, RA, CSI, CCS Principal | SASC
Lighting Designer Ken Reynar, MIES Principal | Light Solutions
Operations
97
PROJECT FINANCIALS 5.0
98
Operations
Financials
99
Project Expenses - Year One (in Thousands) Initial Land Cost Demolition Operational Expenses Arch. & Eng. Fees
Start Phase One Drawings JAN FEB MAR $ 8,500 $ 3,500 $ 10,000 $ 1,000
$ 5,000 $ 1,000
$ 3,000 $ 1,000
APR
MAY
J
$ 3,000 $ 1,000
$ 3,000 $ 1,000
$ $
Permit and Agency Fees
$ 1,000 $ 1,000
$ 1,000 $ 1,000
$ 1,000 $ 1,000 $ 2,000
$ 1,000 $ 1,000
$ $ $
$ 2,000 $ 2,000
$ 4,000
$ 4,000
$ 4,000
$
$ 12,000
$ 10,000
$ 12,000
$ 10,000
$1
Hard Construction Costs Legal & Acc't Expenses Promotional Expenses Contingency
$ 1,000 $ 1,000 $ 2,000
Equipment/FF&E Purchases Gaming Equipment Costs Add'l Land Acquisition Interest Reserve Escalation
TOTALS
100
Financials
$ 27,000
Submit Phs. 1 Drawings to Building Dept.
e
JUN
3,000 1,000
JUL
AUG
SEP
OCT
NOV
$ 3,000 $ 1,000
$ 3,000 $ 1,000
$ 3,000 $ 1,000
$ 3,000 $ 1,000
$ 10,000 $ 1,000
$ 1,000 $ 1,000 $ 2,000
$ 1,000 $ 1,000
$ 1,000 $ 1,000
$ 1,000 $ 1,000 $ 2,000
$ 1,000 $ 1,000
4,000
$ 4,000
$ 4,000
$ 4,000
$ 4,000
$ 4,000
12,000
$ 12,000
$ 10,000
$ 10,000
$ 12,000
$ 17,000
2,000 1,000 1,000
DEC
$ 15,000 $ 2,000 $ 1,000 $ 10,000 $ 1,000 $ 1,000
$ 30,000
$ $ $ $ $ $ $ $ $ $ $ $ $ $ $
8,500 3,500 64,000 13,000 1,000 12,000 12,000 12,000 8,000 38,000 2,000 174,000
Financials
101
Project Expenses - Year Two (in Thousands)
Start Phase One Construction Start Phase Two Drawings JAN FEB MAR APR
MAY
J
Initial Land Acquisition Demolition Operational Expenses Arch. & Eng. Fees Permit and Agency Fees Hard Construction Costs Legal & Acc't Expenses Promotional Expenses Contingency
$ 3,000 $ 1,100 $ 100 $ 12,000 $ 1,000 $ 1,000 $ 2,000
$ 3,000 $ 1,100 $ 100 $ 12,000 $ 1,000 $ 1,000 $ 2,000
$ 5,000 $ 1,100 $ 100 $ 12,000 $ 1,000 $ 1,000 $ 2,000
$ 3,000 $ 1,100 $ 100 $ 12,000 $ 1,000 $ 1,000 $ 2,000
$ 3,000 $ 1,100 $ 100 $ 12,000 $ 1,000 $ 1,000 $ 2,000
$ $ $ $1 $ $ $
$ 2,000
$ 10,000
$ 2,000
$ 2,000
$1
$ 22,200
$ 32,200
$ 22,200
$ 22,200
$3
Equipment/FF&E Purchases Gaming Equipment Costs Add'l Land Acquisition Interest Reserve
$ 5,000
Escalation
TOTALS
102
Financials
$ 25,200
JUN
Submit Phs. 2 Drawings to Building Dept.
JUL
AUG
SEP
OCT
NOV
5,000 1,100 100 12,000 1,000 1,000 2,000
$ 3,000 $ 1,100 $ 100 $ 12,000 $ 1,000 $ 1,000 $ 2,000
$ 3,000 $ 1,100 $ 100 $ 12,000 $ 1,000 $ 1,000 $ 2,000
$ 5,000 $ 1,100 $ 100 $ 12,000 $ 1,000 $ 1,000 $ 2,000
$ 3,000 $ 1,100 $ 100 $ 12,000 $ 1,000 $ 1,000 $ 2,000
$ 3,000 $ 1,100 $ 100 $ 12,000 $ 1,000 $ 1,000 $ 2,000
10,000
$ 2,000
$ 2,000
$ 10,000
$ 2,000
$ 2,000
32,200
$ 22,200
$ 22,200
$ 32,200
$ 22,200
$ 22,200
DEC
$ 8,000 $ 1,100 $ 1,000 $ 12,000 $ 1,000 $ 1,000 $ 2,000
$ 26,100
$ $ $ $ $ $ $ $ $ $ $ $ $
47,000 13,200 2,100 144,000 12,000 12,000 24,000 44,000 5,000
$
303,300
Financials
103
Project Expenses - Year Three Phase One Construction (in Thousands)
Phase Two Construction JAN FEB MAR
APR
MAY
J
Initial Land Cost Demolition Operational Expenses Arch. & Eng. Fees Permit and Agency Fees Hard Construction Costs Legal & Acc't Expenses Promotional Expenses Contingency Equipment/FF&E Purchases
$ 2,000 $ 200 $ 50 $ 20,000 $ 1,000 $ 1,000 $ 1,000 $ 200
$ 2,000 $ 200 $ 50 $ 20,000 $ 1,000 $ 1,000 $ 1,000 $ 200
$ 4,000 $ 200 $ 50 $ 20,000 $ 1,000 $ 1,000 $ 1,000 $ 200
$ 2,000 $ 200 $ 50 $ 20,000 $ 1,000 $ 2,000 $ 1,000 $ 200
$ 2,000 $ 200 $ 50 $ 20,000 $ 1,000 $ 2,000 $ 1,000 $ 600 $ 20,000
$ $ $ $2 $ $ $ $
$ 25,450
$ 27,450
$ 26,450
$ 46,850
$2
Gaming Equip/Startup Costs Add'l Land Acquisition Interest Reserve
$ 8,000
Escalation
TOTALS
104
Financials
$ 33,450
e
JUN
Start Phase Three Drawings JUL
AUG
SEP
OCT
NOV
DEC
3,000 200 50 20,000 1,000 3,000 1,000 200
$ 4,000 $ 200 $ 50 $ 10,000 $ 1,000 $ 3,000 $ 1,000 $ 200
$ 2,000 $ 200 $ 50 $ 10,000 $ 1,000 $ 3,000 $ 1,000 $ 200
$ 3,000 $ 200 $ 50 $ 10,000 $ 1,000 $ 3,000 $ 1,000 $ 200
$ 2,000 $ 200 $ 50 $ 10,000 $ 1,000 $ 3,000 $ 1,000 $ 200
$ 2,000 $ 200 $ 50 $ 10,000 $ 1,000 $ 3,000 $ 1,000 $ 200
$ 10,000 $ 200 $ 50 $ 10,000 $ 1,000 $ 3,000 $ 1,000 $ 200
28,450
$ 19,450
$ 17,450
$ 18,450
$ 17,450
$ 17,450
$ 25,450
$ $ $ $ $ $ $ $ $ $ $ $ $
38,000 2,400 600 180,000 12,000 28,000 12,000 2,800 20,000 8,000
$
303,800
Financials
105
Project Expenses - Year Four (in Thousands)
Complete Phase Three Drawings Phase Two Construction JAN FEB MAR APR
MAY
J
Initial Land Cost Demolition Operational Expenses Arch. & Eng. Fees Permit and Agency Fees Hard Construction Costs Legal & Acc't Expenses Promotional Expenses Contingency Equipment/FF&E Purchases
$ 2,000 $ 1,200 $ 50 $ 10,000 $ 1,000 $ 2,000 $ 1,000 $ 200
$ 2,000 $ 1,200 $ 50 $ 10,000 $ 1,000 $ 2,000 $ 1,000 $ 200
$ 2,000 $ 1,200 $ 50 $ 10,000 $ 1,000 $ 2,000 $ 1,000 $ 200
$ 2,000 $ 1,200 $ 50 $ 10,000 $ 1,000 $ 2,000 $ 1,000 $ 200
$ 2,000 $ 1,200 $ 50 $ 10,000 $ 1,000 $ 2,000 $ 1,000 $ 600 $ 20,000
$ $ $ $1 $ $ $ $
$ 17,450
$ 17,450
$ 17,450
$ 37,850
$2
Gaming Equip/Startup Costs Add'l Land Acquisition Interest Reserve
$ 12,000
Escalation
TOTALS
106
Financials
$ 29,450
JUN
Submit Phs. 3 Drawings to Building Dept.
Start Phase Three Construction JUL AUG SEP OCT
NOV
DEC $ $
-
5,000 1,200 50 10,000 1,000 2,000 1,000 200
$ 2,000 $ 100 $ 1,000 $ 30,000 $ 1,000 $ 2,000 $ 1,000 $ 200
$ 2,000 $ 100 $ 50 $ 30,000 $ 1,000 $ 2,000 $ 1,000 $ 200
$ 2,000 $ 100 $ 50 $ 30,000 $ 1,000 $ 2,000 $ 1,000 $ 200
$ 2,000 $ 100 $ 50 $ 30,000 $ 1,000 $ 2,000 $ 1,000 $ 200
$ 2,000 $ 100 $ 50 $ 30,000 $ 1,000 $ 2,000 $ 1,000 $ 200
$ 5,000 $ 100 $ 50 $ 30,000 $ 1,000 $ 2,000 $ 1,000 $ 200
$ $ $ $ $ $ $ $ $ $ $
30,000 7,800 1,550 240,000 12,000 24,000 12,000 2,800 20,000 12,000
20,450
$ 37,300
$ 36,350
$ 36,350
$ 36,350
$ 36,350
$ 39,350
$
362,150
Financials
107
Project Expenses - Year Five (in Thousands)
Start Phase Three Construction JAN FEB MAR APR
MAY
J
Initial Land Cost Demolition Operational Expenses Arch. & Eng. Fees Permit and Agency Fees Hard Construction Costs Legal & Acc't Expenses Promotional Expenses Contingency Equipment/FF&E Purchases
$ 2,000 $ 1,200 $ 50 $ 30,000 $ 1,000 $ 2,000 $ 1,000 $ 200
$ 2,000 $ 1,200 $ 50 $ 30,000 $ 1,000 $ 2,000 $ 1,000 $ 200
$ 2,000 $ 1,200 $ 50 $ 30,000 $ 1,000 $ 2,000 $ 1,000 $ 200
$ 2,000 $ 1,200 $ 50 $ 30,000 $ 1,000 $ 2,000 $ 1,000 $ 200
$ 2,000 $ 1,200 $ 50 $ 30,000 $ 1,000 $ 2,000 $ 1,000 $ 600
$ $ $ $3 $ $ $ $
$ 37,450
$ 37,450
$ 37,450
$ 37,850
$4
Gaming Equip/Startup Costs Add'l Land Acquisition Interest Reserve
$ 16,000
Escalation
TOTALS
108
Financials
$ 53,450
JUN
JUL
AUG
SEP
OCT
NOV
DEC $ $
-
5,000 1,200 50 30,000 1,000 2,000 1,000 200
$ 2,000 $ 200 $ 1,000 $ 30,000 $ 1,000 $ 2,000 $ 1,000 $ 200
$ 2,000 $ 200 $ 50 $ 30,000 $ 1,000 $ 2,000 $ 1,000 $ 200
$ 2,000 $ 200 $ 50 $ 30,000 $ 1,000 $ 2,000 $ 1,000 $ 200
$ 2,000 $ 200 $ 50 $ 30,000 $ 1,000 $ 2,000 $ 1,000 $ 200
$ 2,000 $ 200 $ 50 $ 30,000 $ 1,000 $ 3,000 $ 1,000 $ 200
$ 5,000 $ 200 $ 50 $ 30,000 $ 1,000 $ 3,000 $ 1,000 $ 200
$ $ $ $ $ $ $ $ $ $ $
30,000 8,400 1,550 360,000 12,000 26,000 12,000 2,800 16,000
40,450
$ 37,400
$ 36,450
$ 36,450
$ 36,450
$ 37,450
$ 40,450
$
468,750
Financials
109
Project Expenses - Sum (in Thousands) $ Demolition $ Operational Expenses $ Arch. & Eng. Fees $ Permit and Agency Fees $ Hard Construction Costs $ Legal & Acc't Expenses $ Promotional Expenses $ Contingency $ Equipment/FF&E Purchases $ Gaming Equip/Startup Costs $ Add'l Land Acquisition $ Interest Reserve $ Escalation $ TOTALS $ Initial Land Cost
110
Financials
Year 1 8,500 3,500 64,000 13,000 1,000 12,000 12,000 12,000 8,000 38,000 2,000 174,000
Year 2 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $
47,000 13,200 2,100 144,000 12,000 12,000 24,000 44,000 5,000 303,300
$ $ $ $ $ $ $ $ $ $ $ $ $ $ $
mmary Year 3 38,000 2,400 600 180,000 12,000 28,000 12,000 2,800 20,000 8,000 303,800
Year 4 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $
30,000 7,800 1,550 240,000 12,000 24,000 12,000 2,800 20,000 12,000 362,150
Year 5 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $
30,000 8,400 1,550 360,000 12,000 26,000 12,000 2,800 16,000 468,750
$ $ $ $ $ $ $ $ $ $ $ $ $ $ $
TOTALS
8,500 3,500 209,000 44,800 6,800 936,000 60,000 102,000 68,000 8,400 40,000 82,000 43,000 1,600,000
Financials
111
SUPPLEMENTAL INFORMATION 6.0
112
Supplemental
Supplemental
113
Promotion Video links
Projec
https://www oref=e&n=
Moulin
https://www oref=e&n=
Projec
https://www
Slide / 21 6.1
The informa,on contained in this document is priv
114
Supplemental
ct Fly-over
w.dropbox.com/sh/kjjtcj68o8sddao/AAA-18IEJGAb-TD95APHVoHLa? =268035549&preview=Flyover+of+Masterplan+02-14-2008.wmv
n Rouge Promotion
w.dropbox.com/sh/kjjtcj68o8sddao/AAA-18IEJGAb-TD95APHVoHLa? =268035549&preview=Promo+Video+by+Shelter.avi
ct Neon
w.youtube.com/watch?v=Y8JYmPj-orw
vate and confiden,al Disclosure and reproduc,on are prohibited, unless expressly provided by Las Vegas Moulin Rouge LLC
Supplemental
115
Neighborhood Multi-Site Revitalization Mixed-Use Community Center + Gaming Live Work Spaces & Entertainment Center LVMR LLC