Resort That’s Not Happening Announced for Cursed All Net Site
It took a decade for Las Vegas politicians and media to figure out All Net Resort & Arena was a sham. That project was finally killed off in Nov. 2023.
Now, like a weed growing through a cement sidewalk, a company called LVXP claims it will build a multibillion-dollar casino resort on the former All Net site. Or as we like to call it, same bullshit, different decade.
We hate giving this nonsense any further exposure, but somebody has to say what local news and our “paper of record” won’t: This project has about as much chance of happening as Elvis performing at Golden Nugget on New Year’s Eve. Then again, holograms exist. Financing for the LVXP project doesn’t. Let’s dive headlong into the whimsy, anyway!
The official announcement of this alleged project, says, “Real estate development company LVXP has announced plans to deliver a new experiential mixed-use development on the Las Vegas Strip that will be anchored by a technologically advanced entertainment and sports arena. The transformational project will be located on the 27-acre site at 2601 South Las Vegas Boulevard.”
They didn’t mention All Net, because nobody wants that stink on them. And make no mistake, this project smells like All Net and other ridiculous projects intended to whip up interest from investors.
It’s a fishing expedition, but without master baiters. This is pure amateur hour.
The announcement touts the project’s many imaginary features: “The multi-purpose entertainment and lifestyle venue is expected to feature an expansive retail plaza, state-of-the-art convention space, a destination casino, and several ultra-luxury hotels and residences. Importantly, the site could serve as the home for a new NBA franchise, representing a significant development for Clark County and the community.”
“Several hotels!” And don’t forget the chupacabra sanctuary!
As with All Net, throwing an “NBA franchise” into the mix is supposed to get everyone giddy, ignoring the fact our NBA team will be going to the Oak View project, south of The Strip. You know, Oak View, from Oak View Group. Folks with an financial resources and a track record of things that exist.
The announcement didn’t include any renderings, but we have A.I. for all that.
We are forced to cut and paste more of the announcement, because somebody obviously spent hours coming up with buzzwords to toss into this word salad, and their hard-fought liberal arts degree shan’t go unrecognized.
“LVXP’s multi-billion-dollar development will create a highly immersive, technology-driven environment that seamlessly blends elegant accommodations and vibrant culinary experiences with exciting gaming options and an electrifying atmosphere of entertainment. The project, which will prioritize sustainable development and green initiatives led by world-class construction partners, is expected to create thousands of jobs, employ union labor, and generate substantial revenue for the local economy.”
They finally got to the truly awkward part. “Multibillion-dollar development.” If you can’t figure out the correct way to hyphenate “multibillion-dollar,” there’s no real chance anyone’s going to entrust you with parking their car, much less spending their billions of dollars.
Cue the politician!
Tick Segerblom is Clark County Commission Chairman, and you may remember Segerblom from his acclaimed role as lead cheerleader of the All Net project. Segerblom is a hoot, and seems to embrace his stoner, “Dazed and Confused” persona.
Fun fact: Segerblom has a pot strain named after him, Segerblom Haze. We are not making this up.
Segerblom seems an affable enough dude, but is this the guy anyone wants making decisions on their behalf?
Segerblom appears to have emerged from the All Net debacle unscathed, and he’s back at it again, providing the illusion of legitimacy to this project, worth approximately zero when it comes to making anything happen.
Segerblom said in a statement, “This is a well-conceived project that has the potential to transform a valuable undeveloped land parcel into a highly productive destination that contributes meaningful long-term value to the community and visitors alike.”
Tick Segerblom might want to switch from weed to mushrooms, as we understand those thrive in manure.
The fever dream (sorry, resort project) goes on to list the individuals involved.
Executives include James R. Frasure Jr., CEO of LVXP; Chief of Staff Christine Richards; and Chief Construction Officer Nick Tomasino.
Nick Tomasino managed the construction of The Sphere. You remember the Sphere. That was the project where the original cost estimate of the venue was $1.2 billion and ended up being $2.3 billion. Oopsie.
We’ve yet to see even one media outlet mention the dumpster fire that was the build of the Sphere. Beyond the massive cost overruns, making it unlikely the venue will ever make its money back, there were also countless lawsuits and liens filed by contractors who were owed millions of dollars. Why would anyone voluntarily tout their involvement in building The Sphere as evidence they’re equipped to build a resort? (Unless they’re confident Las Vegas journalism sucks, of course.)
On the bright side, Christine Richards has a long, impressive resume of resort development, and by that we mean she is a professional dancer and choreographer, involved with “Raiding the Rock Vault.” This is why The Onion isn’t relevant anymore. Reality is often funnier than satire.
Bolstering its case that this project is more than just smoke and mirrors, LVXP has hired respected architect Paul Steelman. Basically, LVXP has rummaged under its couch cushions to pay Paul Steelman to whip up some renderings. Again, if Paul Steelman is involved, this project is full steam ahead! Emphasis on “steam.”
Paul Steelman is awesome. He designed Circa, our home away from home, so he can do no wrong in our eyes. Our only suggestion, Mr. Steelman, is get paid up front, in cash.
Why are we being so pessimistic about this project? Because this isn’t our first rodeo. Las Vegas is littered with the corpses of projects announced with this same unbridled enthusiasm, but with nothing to it them up.
The most recent silliness is a hotel called the King David. Sheer folly, but reported with a straight face by our local media. Starting to see a pattern here?
LVXP has no track record whatsoever, and appears to have been created just so certain people can try to impress cocktail servers by saying, “Not to brag, but I’m building a multibillion-dollar casino on the Las Vegas Strip. It’s in the Review-Journal, it must be true.”
Don’t hate the player, hate the game.
Why do such laughable announcements ruffle our kerfuffles so much? It’s harmless good fun, right?
First, it’s a waste of everyone’s time. Chain-yanking is a time-honored tradition in Las Vegas, but life is short. This sort of gibberish is white noise, signifying nothing.
Second, it’s a waste of a perfectly good space. Not great (it’s on the north Strip, next to Fontainebleau), but good. The All Net site has been idle for a decade because of the inability of officials (who authorize and extend permits) to recognize a joke when they hear one. Indulging these goofy projects means we aren’t looking for real developers who might actually bring something of value to the table. (They aren’t easy to come by due to lending conditions, and the fact north Strip is a money pit, and nobody smart would add more room inventory in Las Vegas at the moment, but still.)
Third, the breathless regurgitation of wacky announcements like this only serves to remind everyone how terrible Las Vegas journalism is. Local media doesn’t seem interested in asking even rudimentary questions, and it’s embarrassing. How about this one: “Where is the money?” They didn’t ask it of the A’s, and they didn’t ask it of Bally’s Corp. “We’re building a ballpark!”
Oy.
James Frasure told the Las Vegas Review-Journal, “We are the antithesis of the previous project.” And the “journalist,” Richard Velotta, passed that along with nary a chortle. Despite the fact there is no indication whatsoever this project is any different from All Net.
Snake oil salesperson Frasure also said the new resort will be “the city’s first seven-star property,” which is incredible given that designation doesn’t actually exist. Shocker.
Yes, we’re all doomed. The upside of being doomed is it’s a great excuse to gamble more. Why do you think Las Vegas casinos have had a 36-month (that’s three years, starting after the pandemic, during which we all learned we’re doomed) streak of billion-dollar-per-month gambling revenue?
Anyway, while the LVXP hoax isn’t happening, we look forward to watching the occasional news conferences where: 1) project officials will release new renderings, 2) everyone will be reassured financing is a “100 percent done deal,” and 3) Clark County Commissioner Tick Segerblom will momentarily emerge from his “Segerblom Haze” to say how excited he is that the project will provide a windfall to everyone involved, free doobage for everyone in attendance!
Las Vegas officials and media aren’t just ready to drink any Kool-Aid put in front of them, they seem to be hooked up to an I.V.
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