Posted on: March 29, 2023, 12:41h.
Last updated on: March 28, 2023, 06:44h.
The Las Vegas Strip is in a constant state of flux. But big changes are in store for the heart of the most famous casino drag on planet Earth.
In what many outsiders might be surprised to learn hasn’t happened sooner, a rundown, low-key strip mall and outdoor food court located at the center of the Strip have finally been demolished. The Cable Center Shops, a small retail strip mall, along with an adjacent Fatburger, Mediterranean restaurant, and an all-you-can-eat Korean BBQ joint, were recently leveled by the properties’ owner.
The ownership group is Gindi Capital, a privately held New York investment firm that specializes in real estate development and retail projects. Gindi acquired the Cable Center Shops and neighboring eateries in 2019 for $172 million.
Gindi additionally owns the Hawaiian Marketplace, another rundown retail complex just north of where the Cable Center Shops stood. Hawaiian Marketplace, which was shuttered last July, is also set for demolition.
In total, the Cable Center Shops, food court, and Hawaiian Marketplace measure about 9.5 acres.
Las Vegas is home to some of the world’s most lush hotel properties. And several are located directly across from where the Cable Center Shops and food court stood for decades before their recent demolition.
Las Vegas had six properties deemed Five Diamond Hotels by AAA in 2022. Three of those destinations — Aria Resort & Casino, Aria Sky Suites, and the Waldorf Astoria (previously the Mandarin Oriental) — are located in CityCenter directly across the Strip from where this week’s demolitions occurred.
Despite being centrally located across from the Strip’s glitziest properties, Hawaiian Marketplace and Cable Center Shops catered to more budget-friendly tourists walking up and down S. Las Vegas Blvd. But those days are no more, as Gindi Capital is clearing the way for a more upscale retail complex.
Gindi Capital deciding to move forward with a new retail center on the Las Vegas Strip comes in conjunction with another major project being finalized next door.
Texas billionaire Tilman Fertitta, who owns five Golden Nugget casinos in the US and this week bought the Hard Rock Hotel & Casino Lake Tahoe, last year paid $270 million for the 6.2-acre property directly north of Gindi’s Hawaiian Marketplace.
Fertitta’s Strip frontage is where a Travelodge motel stood for almost 60 years before its closure following its 2022 sale. Fertitta had the budget motel demolished and has announced plans for a luxury integrated resort.
Fertitta has proposed a 43-story resort hotel with 2,420 guestrooms. Along with a casino, the blueprint includes a spa, a convention center, and a concert space with seating for 2,500 people. A wedding chapel and auto showroom to hold major auctions are also included.
Fertitta’s plans, however, might be on hold because of high inflation. A rep for the billionaire said earlier this month that Fertitta is mulling his financing options before moving forward.
But with the properties demolished or set to be torn down, the odds are good that the east side of the center Strip is poised for a major upgrade.