Newspaper article St Louis Post-Dispatch (MO)

It's Hold, and Bet for 2 Vegas Resorts

Newspaper article St Louis Post-Dispatch (MO)

It's Hold, and Bet for 2 Vegas Resorts

Article excerpt

It's full speed ahead with one major new resort in Las Vegas, while another development screeches to a halt.

One of the city's most successful casino/hotel operators, Mirage Resorts Inc., announced details of its latest project Tuesday. Work will start next spring on a $700 million to $900 million project on the site of the old Dunes at the heart of the Strip.

The day before, a newcomer to the Strip put its $750 million project on hold. ITT Corp. said it will spend $85 million to renovate its Sheraton Desert Inn, but will indefinitely delay the planned Desert Kingdom mega-resort.

ITT's Sheraton hotel division had avoided the casino business for years. But with last year's purchase of the Desert Inn from Kirk Kerkorian and subsequent announcement of the Desert Kingdom project, ITT seemed eager to become a major player.

"They're not doing so well in Tunica," said Bruce Turner, an analyst at Salomon Brothers, referring to the crowded Mississippi market where Sheraton has a floating casino. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.