$4 BILLION HOTEL, CONDO, RETAIL & GAMING PROJECT - LAS VEGAS
ROLE
Engaged by leading global investment company to assist in the evaluation of its investment in a 3,000-key new construction hotel, gaming, retail and condominium project in Las Vegas.
OBJECTIVE
Manage the strategic evaluation, workout, restructuring and development. Analyze the current investment and evaluate the feasibility of additional capital commitment to the project.
APPROACH
Led an ambitious value engineering design effort, which transformed the size of the gaming floor, improved retail circulation, meeting space and banquet space, and comprehensively redesigned guest room FF&E. Led efforts to identify and retain a licensed gaming operator, as well as food and beverage partners and operators. Acted as the developer for an interim period during vertical construction, responsible for all aspects of design, construction, sales and marketing, and retail leasing. Madden led workout efforts with the construction lender, developer and hotel operator to recapitalize the project.
RESULT
Madden’s redesign transformed the project into an economically viable development currently under construction. Madden prepared a comprehensive development analysis and made recommendations regarding additional capital commitment to the project.