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Casino To Close Along With $1.2B Sale

LAS VEGAS-The 34.5-acre New Frontier casino resort will be permanently shuttered by the time the sale of the property closes escrow in August.

By Brian K. Miller | Updated on May 29, 2007

LAS VEGAS-The 34.5-acre New Frontier hotel-casino across from Wynn Las Vegas on the Strip here will be permanently shut down later this summer in conjunction with the sale of the property. Longtime casino-hotel broker David Atwell, who initiated the impending sale, tells GlobeSt.com that when the $1.2-billion transaction closes escrow–an event expected to occur before the end of August–the resort will simultaneously cease operations.

The closing of the resort is meant expedite the sale as well as the redevelopment of the property. Had the buyer wanted to continue operating the property, the transaction would have been subject to gaming licensing, which can take a year or more, Atwell says. The shuttering of the aging casino-hotel also supports the buyer’s plans to scrape the site next year and have a new resort up and running by 2011.

Wichita billionaire Phil Ruffin is selling the New Frontier property to Israeli billionaire Yitzhak Tshuva’s New York City-based Elad Group, which plans to invest an additional $3.5 billion developing a mixed-use casino-resort on the site. The new development will try to recreate New York’s City’s Fifth Avenue on the Las Vegas Strip, Atwell says.

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