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Resorts World may signal resurgence for north end of The Strip

Reported by: Gerard Ramalho
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Updated: 3/05/2013 11:36 am
LAS VEGAS (KSNV & MyNews3) -- The Echelon news of the new Resorts World Las Vegas is a win for all of Las Vegas, but especially the north end of The Strip which has struggled in recent years.

News 3's Gerard Ramalho has more on this resurgence on the north end of The Strip. Until recently there's been virtually no activity in that area.

"When I read the article in the paper today I was just elated. I think it is the most awesome thing that could happen," said Turnberry resident Shirley Murray, whose residence overlooks The Strip.

It's been a while since tMurray has had anything to celebrate. Construction stopped at Fontainebleau three years ago and she's had to look out from her balcony onto the giant empty shell of a structure throughout the past three years

“It just sits there and not usable at all and hopefully it will be sold one day," Murray said.

Now Murray and others in the area see light at the end of the Strip. The north end that is.

First came the sale of the sahara to SLS where construction there is already in progress.

Now the Echelon announcement, which one analyst describes as a game-changer for the valley.

"I think anyone who has assets along the Las Vegas Strip and actualy sees someone coming in as wiling to make a transaction like this, yes has to be excited," said Jeremy Aguero of Applied Analysis.

Jeremy Aguero admits he was pleasantly surprised at the Echelon news and believes it will be a catalyst for other strip properties.

"Not only does that indicate, I believe that you're going to have others that will follow, that will look, that will watch," he said. "But I also think that it's a reflection of the fact that there's a belief within the market that the worst of this downturn is behind us and opportunity is in front of us."

Ultimately, Aguero believes it will even boost the value of Fontainebleau. Making it more attractive to potential buyers and music to Shirley's ears.

First the Sahara, now Echeleon and she hopes Fountainbleau will be next.

"Yes, the north end of the Strip is where it will be very soon," she said.

Officially, there's been no reaction from Carl Ichan, the owner of Fontainebleau. Some county commissioners have suggested it may be time to tear it down but today's news might have the owners taking another good look at all their options.
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