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FX Details $3B Plan for Park Central Site

LAS VEGAS-The publicly traded owner of 17.72 acres across from Project Citycenter says its plans for the site include 3,047 hotel rooms, a 93,000-sf casino and 94,000 sf of retail.

By Brian K. Miller | Updated on March 24, 2008

LAS VEGAS-FX Real Estate and Entertainment Inc., the publicly traded owner of 17.72 acres across from the multibillion-dollar Citycenter development on the Las Vegas Strip, revealed its development plans Monday in a 10-K filing with the Securities and Exchange Commission. Formed in 2007 and run by Robert F.X. Sillerman and Paul C. Kanavos, the company states in its annual report that it plans to spend $3.1 billion developing the site with 3,047 hotel rooms, a 93,000-sf casino, 94,000 sf of retail, 100,000 sf of entertainment venues and 147 private residences.

Already zoned for a casino resort, the acreage sits on the southeast corner of Las Vegas Boulevard and Harmon Avenue. The six parcels that comprise the site have a combined 1,175 feet of frontage on the Strip and 600 feet on Harmon. “We are designing the project to compete within the upper strata of the luxury market,” the company states in its filing.

The first phase of the project is slated to include approximately eight million sf of development (excluding parking) consisting of a luxury hotel casino, the first for its Elvis-inspired luxury brand, as well as a luxury branded five-star hotel without a casino. The luxury hotel casino is expected to include 2,269 rooms and be wholly owned and operated by FX. The five-star non-gaming hotel is expected to include approximately 778 rooms and approximately 147 for-sale residential units.

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