Michael Kim, managing director of gaming and lodging for Societe Generale CIB, declined comment on the specifics of the loan agreement. Financing for the construction of the project is expected to be completed in the third quarter of 2006. It likely will consist of a mixture of debt, sponsor equity, and outside equity.

The development site is located at the intersection of Harmon Avenue and Koval Lane, just east of the Strip. The project calls for 3,000 hotel and condominium units, 300,000 sf of meeting space, a 75,000-sf casino, an undisclosed amount of retail space, a day spa and a dozen bars and restaurants.

Condo owners will have full use of the property's facilities and amenities, as well as access to maid service, 24-hour room service and concierge services. Units were to go on sale in the fourth quarter of 2005, with prices starting at $550,000.

Pearlman is a Dallas-based venture capitalist and former trial lawyer. Silber is an investor and poker player who splits his time between Las Vegas and Bel Air, CA. Frank is the former CEO of IFilm who, prior to that, worked for Yahoo developing strategic partnerships with major media and entertainment companies. Pearlman and Silber at one point started a law firm together, and Silber is a friend of Frank's who also was an investor in IFilm.