Who Owns Vegas
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By Andrew Hudson
Last updated:
First published: October 2005
RCI, LLC
See Resort Condominiums International, LLC
Real Estate Interests Group (REI)
Hopes to build Project Pulse, an 85-acre project with 6,000 hotel rooms in south downtown Las Vegas, just north of the Stratosphere. REI is a real estate development firm based in Bloomfield Hills, Michigan. Jon Weaver is president and a partner.
Announced in June 2007, the $9.5 billion Project Pulse plans to include:
- 22,000-seat arena
- 300,000 square feet of gaming floor space
- 6,000 hotel rooms
- over 1.5 million square feet of commercial and retail floor space
- 3.5 million square feet of office and permanent exhibition space
- 1,500 condominium units
- 1,600 timeshare condominium units.
REI
See Real Estate Interests Group
The Related Companies, Inc.
Hotels: 0; Rooms:0
Private | related.com and relatedgroup.com | Hoover's profile
May rescue The Cosmopolitan from Bruce Eichner/3700 and turn the hotel into a W Hotel with Starwood.
Owns World Market Center (2005) showroom. Announced but cancelled Las Ramblas and Icon.
Las Ramblas. Cancelled in 2006 with the land sold to Edge Group. Was to be a 300-room hotel on Harmon Avenue based on the famous La Rambla boulevard in Barcelona, Spain. Partnered with Centra Properties, LLC, After Midnight Company and George Clooney.
Icon Las Vegas. Cancelled January 2006 due to escalating construction costs. Was to be a $325 million, 514-unit condo project with two 48-story towers on 4.5 acres on Convention Center Drive.
Founded in 1979 and headed by Jorge Perez, The Related Group is the largest developer of residential condominiums in the nation. Closely held and based in New York. Owns Manhattan's Time Warner Center.
Related Las Vegas (president= Marty Burger) was a joint venture between The Related Companies of New York, and The Related Group of Florida. Investors include Goldman Sachs Group, Inc.; MSD Capital (the investment company of Michael Dell, CEO of Dell Inc.), the government of Abu Dhabi (through Mubadala Development Co.,); and the Olayan Group (an investment company based in Saudi Arabia).
Republic Urban Properties LLC
republic-urban.com | Private
In February 2008, proposed a joint venture with Moulin Rouge Development Corp to redevelop downtown's Moulin Rouge with 700 hotel rooms.
Founded in 1985, RUP is a privately-owned real estate investment, development and management organizatio based in Washington, D.C. Republic's chairman is New York businessman Richard Kramer and the president and CEO is David Peter.
Located in downtown Las Vegas, the Moulin Rouge opened in 1955 as the first racially integrated casino in Las Vegas, but closed after five months. In 2003, an arsonist's fire destroyed most of the building but the facade and neon sign survived. MRDC bought the Moulin Rouge Hotel and Casino in January 2004 for $12.1 million. Ground-breaking is planned for 2009.
Resort Condominiums International, LLC
A subsidiary of Wyndham Worldwide, RCI is the world's largest timeshare exchange broker. Founded in 1974 and based in Parsippany, NJ.
Resorts International
A subsidiary of Colony Capital that owns (?) and operates the Las Vegas Hilton (1969, 2,956 rooms). The name is licensed from Hilton Hotels Corp.
RFR Holdings
A German investment firm that owns 50% of Boulevard Invest, owner of the Planet Hollywood shopping mall and partner in Weststate Holdings.
The Ribeiro Companies
May own 30 acres in Chinatown, zoned for 2,200 hotel rooms and 3,400 residential units. Andrew Lai may have discussed developing this site. Based in Las Vegas. A general contracting company founded by Johnny A. Ribeiro around 1963.
RivAcquisition Holdings, Inc.
A high-profile investment group that, in 2006, attempted to buy the Riviera Hotel and Casino (2,700 rooms, opened in 1955). Although the $426m offer was rejected by Riviera Holdings, the Riv Acquisition group still owns about 20 percent of Riviera Holdings.
The group includes: Scott Butera, president; Neil Bluhm (High Desert Gaming, LLC), a Chicago developer and casino investor; Barry Sternlicht (Rivacq LLC), founder and Chief Executive of Starwood Capital Group; Brett Torino (RH1, LLC), a Las Vegas real estate developer; partners Paul Kanavos (owns Ritz-Carlton resorts) and Robert Sillerman (owns branding rights to "American Idol" TV show and Elvis Presley) (Flag Luxury Riv, LLC) of Flag Luxury Properties, LLC.
Riviera Holdings Corp
Hotels: 1; Rooms: 2,075; Rank: 19
AMEX: RIV; Hoovers profile
7/12/10: Filed for Chapter 11 bankruptcy.
Owns (through subsidiary Riviera Operating Corp.) the Riviera Hotel and Casino (2,700 rooms, opened in 1955) and its valuable 26 acres on the north Strip. Shareholders of Riviera Holdings include:
- 20%: Heirs of Chief Executive Officer and Chairman Bill Westerman (who died in 2010).
- 20%: Investment group Riv Acquisition Holdings
- 10%: D.E. Shaw & Co. an investment firm in New York
- 9%: Triple Five Investico LLC and Dominion Financial LLC, controlled by Syd Ghermezian of Alberta, Canada
- 9%: Plainfield Asset Management, a Greenfield, CT-based hedge fund.
- ?%: FXRE. Controlled by Robert Sillerman. Proposing The Elvis Las Vegas resort.
- ?%: Desert Rock Enterprises, owned by brothers Derek and Greg Stevens, part owners of the Golden Gate hotel in downtown.
Various buyout offers have been made and rejected. Riv Acquisition Holdings had two offers rejected, in August 2006 and March 2007. A 2006 offer Ian Bruce Eichner and the D.E. Shaw Group lapsed. IGE has expressed interest.
Riviera History:
1973: Bought by Meshulam Riklis, a Turkish-born corporate raider known for bankrolling his then-wife, actress Pia Zadora. Twice files for bankruptcy.
1993: Exits from second bankruptcy without Riklis.
Company goes public on the America Stock Exchange under Riviera Holdings Chairman William Westerman (who died in 2010).
| Riviera Holdings Hotels in Las Vegas | ||
| Hotel | Opened | Rooms |
| Riviera | 1955 | 2,075 |
| Total | 2,075 | |
Riviera Operating Corp.
An affiliate of Riviera Holdings Corp. that operates the Riviera Hotel and Casino (2,700 rooms, opened in 1955).
Rouse Co.
Owns The Fashion Show mall, opposite Wynn. Offers seven flagship department stores, including Saks Fifth Avenue, Dillard's, Neiman Marcus, Macy's, Nevada's only Nordstrom, and Bloomingdale's Home along with over 250 extraordinary shops and restaurants.
Royal Palm Communities (RPC)
Majority owner of Royal Palm Las Vegas LLC, developer of Paramount (1,800 rooms?) on the south Strip by the "Welcome To Las Vegas" sign on the site of the old Klondike. The President and CEO is Daniel Kodsi.
Royal Palm Las Vegas LLC
Proposed: Paramount Vegas (1,800 rooms — possibly 750 hotel rooms and 800 condos) in two towers, on the south Strip by the Welcome To Las Vegas sign, on the site of the old Klondike Inn (153 rooms, 1962-2006).
The 153-room Klondike Inn opened in 1962 as a Motel 6. The hotel was owned by Ralph Engelstad, developer of the Imperial Palace. In 1974 or 1975, the Klondike was bought for $1 million by John Woodrum and Katsumi Kazama. John Woodrum became the sole owner in 1976. In 2006, the Klondike was sold by Woodrum for $23.75 million to Royal Palm Las Vegas, a subsidiary of condo developer Royal Palm Communities based in Florida. In addition to the 5.29 acre Klondike, Royal Palm bought an adjoining 5.25 acres of land for $42 million, for 10.54 acres. Another subsidiary of Royal Palm is Paramount Worldwide Gaming, headed by Dan Wade. John Woodrum's son, Michael, retains a small equity stake in the new project.
Ruffin Company
Private, owned by Phil Ruffin
In Las Vegas, owns:
- Treasure Island Hotel and Casino. Bought in 2009 for $775 million from MGM Mirage (took formal ownership on 3/18/09). First opened in 1993, Treasure Island (2,885 rooms) was built for $450 million by Steve Wynn and sold to MGM Grand Inc. in 2000.
- Half of Donald Trump's Trump International. Ruffin provided the seven-acre land (previously part of The New Frontier).
Wichita businessman Phil Ruffin gained his first fortune gambling on oil and real estate. Owns Harper Trucks, the world's largest manufacturer of hand trucks.
May 2007: Sold the New Frontier (986 rooms) to Elad Properties for $1.2 billion (a record breaking $33 million an acre). ElAd planned to use the site for the Las Vegas Plaza, with 4,100 hotel rooms and 2,600 condos opening in 2011. However, not much has happened since.
The New Frontier started life in 1930 as a bar called Pair O' Dice. By 1942, the bar had expanded to become the Last Frontier casino hotel, renamed the New Frontier in 1955. In 1967, the hotel was sold by a group including Steve Wynn to Howard Hughes. Phil Ruffin bought the Frontier in 1998 for about $165 million. Had plans for several ideas including 2,750-room Montreux, named for the Swiss resort town with a famous annual jazz festival. Sold the 36-acre property to Elad Properties in 2007? for $1.2 billion. Kept seven acres of the Frontier property for Trump International Hotel and Tower (1,282 condo-hotel rooms, 2007, with a second identical tower planned), owned 50% by Phil Ruffin and 50% by Trump Entertainment.
| Phil Ruffin's Hotels in Las Vegas | ||
| Hotel | Opened | Rooms |
| Treasure Island (50%) | 1993 | 2,885 |
| Trump International (50%) | 2007 | 1,286(condo-hotel rooms) |
| Total | 2,885 hotel rooms 643 condo-hotel rooms | |
Ruffin Acquisition
A subsidiary of Phil Ruffin's company that bought the Tresaure Island Hotel and Casino in 2009 from MGM Mirage for $775 million.
Russell Boulder LLC
Hotels: 1; Rooms: 600
Owns Siena Suites (600, 2005). Partnership of Nigro Development (owned by Todd and Michael Nigro) and Michael J. Mixer of Colliers International/Stuart Mixer Commercial. Hotel management is provided by Premier Hotel Corp., a full-service management company based in Atlanta.
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Copyright © 2005–2011 Andrew Hudson for Photo Tour Books, Inc. Written for A Photo Tour of Las Vegas. You may reproduce this article for personal, educational, non-commercial and non-Internet use, such as in a hobbyist newsletter or school project. No Internet publishing is permitted. For commercial use, please email Andrew Hudson for permission.