Las Vegas-based Henry Brent has Timbers Bar and Grill Chain founder Andrew Donner as major shareholders, and last month purchased 758 rooms from a private real estate company based in Newport Beach, California for $10.3 million.
Henry Brent, along with Streep casino architect Klee Zuba, said Keith Grossman, Donner's business partner, was making part of the building. The company also expects to add about 20,000 square feet to the casino floor, ultimately building up to 1,000 hotel rooms on the site of the building's two-story and four-story old towers.
The remodeling is expected to begin in about three months and cost up to $25 million. The entire master plan, including the expansion, could take up to three years, Grossman said. Other than Lady Luck's existing 780 or so employees and a few maintenance workers who were with the former landlord, the rest will remain in the property, he said.
The management company, which had the right to buy the property first as part of the lease, jumped at the opportunity to buy Lady Luck, Grossman said. 안전한 파워볼사이트
"Our plan all along was for us to be tenants and run the casino," he said. "We always had a desire to buy a property but we just didn't think it would come out."
The Newport Beach company that sold Lady Luck, called Staffest AMX, was looking to enter the timeshare business as a newcomer to Las Vegas.
AMX converted 16 hotel rooms on two floors into a time share as individuals participated in the purchase, attracting more than 600 owners.
Grossman said he did not know why AMX decided to abandon its time-sharing experiment downtown, but that Lady Luck is the company's only casino and only Las Vegas property, which owns another commercial building in California. AMX officials could not be reached during press time.
Henry Brent Co. plans to suspend further market share transitions but will respect ownership of those who have purchased the units so far.
Lady Luck has struggled under a variety of owners in recent years and has tried several marketing strategies, including partnerships with the national hotel reservation system.
Grossman said he was optimistic about the future downtown of Lady Luck, which has an emerging cultural district in addition to several high-rise residential towers under development.
He said, "It's a good time. Instead of one person coming into town and doing something, there are a lot of new owners coming in and trying something new."
Last year, the company purchased 3,500 square feet of business space across Third Avenue from Lady Luck.