Investment Highlights
Lady Luck
Las Vegas, NV
In June 2006, Canyon Capital Realty Advisors made a $66 million senior bridge loan to Nevada-based owner Downtown Resorts, LLC for the renovation and re-branding of the former Lady Luck Casino. Plans called for a complete renovation of the Lady Luck's 627 hotel rooms and approximately 54,000 square feet of casino, restaurant and retail space located on North 3rd Street between Stewart Avenue and Ogden Avenue in downtown Las Vegas.
Numerous other publicly and privately funded development projects have been completed or are currently underway in downtown Las Vegas, with the support of community and government officials. The Lady Luck project is expected to benefit from its close proximity to the Fremont Street Experience and other leading downtown Las Vegas properties, including Fitzgerald's, the Golden Nugget, the Four Queens Hotel & Casino, Binion's, the Las Vegas Club Hotel and Casino, the Fremont Hotel & Casino, Main Street Station Casino Brewery & Hotel and the California Hotel & Casino.
Downtown Resorts hired Breslin Builders as general contractor and Klai Juba as architect of record for the renovation. Breslin has significant experience in casino renovation and high and low-rise construction projects, including the SoHo Lofts in downtown Las Vegas, a condominium development financed in part by an affiliate of Canyon, the Canyon-Johnson Urban Fund, L.P. Klai Juba has completed projects for Mandalay Bay Resort & Casino, MGM Mirage properties and the Hard Rock Hotel and Casino in Las Vegas.
News Releases
Media Articles
- Las Vegas Review-Journal
$66M Loan Will Go To Freshen Lady Luck's Look - June 9, 2006 - GlobeSt.com
$66M Loan Funds Renovation of Lady Luck - June 8, 2006
