Archon to sell former Wet ‘n’ Wild site in Vegas
Las Vegas-based Archon Corporation has announced plans to sell the former Wet ‘n’ Wild waterpark site in Las Vegas.
The 27-acre site is reportedly to be sold to a Delaware-based limited liability company called LVTI for US$450m (£244m, 352m euro).
LVTI is thought to be planning to use private equity investors to build a marina-themed resort at the site dubbed the Palace of the Sea.
The resort will feature a 4,500-bedroom hotel and a casino designed to resemble Sydney Opera House.
New York-based architects Skidmore, Owings and Merrill will design the hotel and the Paul Steelman Group will design the casino.
Construction is expected to begin in around 15 months, with the resort scheduled to open in autumn 2010 or spring 2011.
LVTI reportedly plans to operate the resort for approximately two years, before either selling the property to an established gaming operator or taking the company public through a stock offering.
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