News Releases
CANYON CAPITAL FINANCES $66 MILLION BRIDGE LOAN TO RENOVATE 'LADY LUCK' IN DOWNTOWN LAS VEGAS
Deal marks Canyon's third transaction in Las Vegas in the past year
BEVERLY HILLS, Calif. (June 7, 2006) - The renovation and rebranding of the former Lady Luck Casino Hotel will move forward in downtown Las Vegas thanks to a senior bridge loan from Canyon Capital Realty Advisors to Nevada-based owner Downtown Resorts, LLC. Downtown Resorts plans to complete a comprehensive 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.
The renovation of the Lady Luck will complement a bustling entertainment district that includes the adjacent 3rd Street, an approximately 25,000 square foot entertainment complex with a number of nightclubs and restaurants, including the Triple George Grill, Sidebar, Hogs and Heifers and Celebrity Theater.
"Canyon is pleased to help fund the renovation of the Lady Luck. The Lady Luck will serve as the anchor of the downtown market and its modernization signifies the exciting transformation taking place in downtown Las Vegas," said Jonathan Roth, Principal of Canyon Capital. "We believe in the Las Vegas market and are confident that downtown will continue to grow in popularity with local residents and visitors."
Downtown Las Vegas is currently undergoing a development revitalization that includes residential, office, government buildings and entertainment projects that will coincide with the new resort and lead to increased interest in the area. The 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. 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.
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.
About Canyon Capital Realty Advisors LLC
Canyon Capital Realty Advisors LLC and its affiliate Canyon Capital Advisors LLC are registered investment advisors and money management firms based in Beverly Hills, Calif., with more than $10 billion of capital under management. Canyon's real estate activities focus on providing debt and equity capital to real estate owners, operators, developers, corporations and entrepreneurs, enabling them to participate in transactions that would have traditionally eluded them due to capital constraints. Canyon has built its reputation on creative underwriting and structuring, reliable commitments, overall professionalism and timely closings. Canyon's real estate funds include the Canyon Value Mortgage Fund and the Canyon-Johnson Urban Funds, a joint venture with Earvin "Magic" Johnson focused on the development of retail and residential properties in densely populated, ethnically diverse communities.
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Media Contact:
Steve Sugerman
Kristen Coco
310-689-7535
steve@sugermangroup.com
kristen@sugermangroup.com
www.sugermangroup.com
