Grandissimo was the name of a hotel and casino that Jay Sarno, founder of Caesars Palace and Circus Circus, was thinking about when he retired. The dream never came to fruition and was over after he passed away in 1984.
Gambling Invest’s domain monitoring service uncovered that at the end of July, The D Las Vegas casino became the new owner of several “grandissimo” domains, including grandissimo.net, grandissimovegas.com and grandissimolv.com.
…The whois details of the three domain names were updated in July this year when The D Las Vegas casino replaced Dickinson Wright as the listed owners, but Gambling Invest believes that the Michigan law firm had registered the domains on behalf of Derek and Greg Stevens, the Detroit brothers who control The D and that in January 2014, Dickinson Wright helped obtain a trademark for Grandissimo in relation to restaurant, hotel and entertainment services.
I’m told that Downtown Grand is on the market but there isn’t a buyer in sight.
My semi-educated view on the real estate market in Vegas is that there won’t be a buyer for Downtown Grand until afterDerek Stevens announces his plans for the future of Las Vegas Club (see Las Vegas Club news at Travel Vegas and info on its sports theme at Covers).
The former Las Vegas Club has 400 hotel rooms that can be renovated and rented once the property is re-opened. It’s unlikely that an investor would make an offer on Downtown Grand until they know what Derek Stevens plans to do with those hotel rooms.
Added hotel room supply could (should) drive down hotel room prices in Downtown Vegas. If nothing else added hotel room supply should keep hotel room prices low in Downtown Vegas.
Downtown Grand has 634 hotel rooms between its two towers. Prices for those rooms will be effected if Stevens’ plan is to open those extra 400 rooms at Las Vegas Club. The revenue potential of those 634 rooms should help dictate a price for Downtown Grand.
Derek Stevens says he should have plans set for the former Las Vegas Club by VIMPF which is October 16-18. Unless overall room capacity in the area doesn’t matter to the buyer of Downtown Grand I don’t see anyone making a purchase before the year is end – especially if Downtown Grand is trying to position its sales price as if they’re a luxury property.
Speculating on the future of Vegas is fun. Instead of full-blown posts about specific subjects I think it’s more fun to be short and concise. Here’s my take on two potential moves that would shake things up on the Vegas Strip.
Speculation: I’m going to speculate that Dan Lee’s next job will be something big. If he has a non-compete clause with Palms or just needs time away from work he might look for a major role with Genting as they open Resorts World Las Vegas.
If that’s too far ahead perhaps a move to another independently operated casino in Vegas might make sense.The Cosmopolitan might make sense as they’ll likely add new leadership when Blackstone takes over operations.
If you’re not familiar with Dan Lee, Vegas Tripping had a really detailed post when he was named CEO of Palms last year.