Skyvue, the 500-foot Ferris wheel being built on the south end of the Strip, has run into more financial problems.
MMC Inc., the contractor that has been building the foundations, filed a lawsuit in Clark County District Court to collect on $1.1 million in unpaid bills by foreclosing on the project.
All told, eight companies that have worked on Skyvue have filed liens for their work, including general contractor Ledcor Construction Inc. for $3.3 million, according to county records.
Skyvue developer Howard Bulloch said through a spokeswoman that his company is close to obtaining another loan from Shotgun Creek Invest-ments that would cover all of the accrued debt. The size of the loan was not disclosed.
Shotgun Creek, headed by prominent Seattle businessman Wayne Perry, a part-owner of the Seattle Mariners, injected at least $9.5 million into Skyvue last year through different transactions, helping to pay off a mortgage when the project faced foreclosure in February.
All of the liens add up to $5.4 million, but it is unclear how much of that is overlapping. The MMC lawsuit requests repayment from both Skyvue and Ledcor.
Caesars Entertainment, meanwhile, has moved ahead with a competing giant wheel to anchor its $550 million Project Linq entertainment and retail center behind the Quad resort, formerly the Imperial Palace.
Fantasy makes money
The number of Americans playing fantasy sports has grown by 2 million annually for the past two decades, transforming what was a pastime of a few devoted baseball fans into a lucrative business, generating more than $3 billion annually in total revenues, an industry analyst said.
“We’re very comfortable these days,” said Paul Charchian, president of the Minneapolis-based Fantasy Sports Trade Association, which will hold its annual convention this month at The Mirage. “We’ve been growing at a ridiculous rate. Some day, we won’t be growing by 2 million annually and I’m sure there’ll be stories asking us why we’re not growing by 2 million anymore.”
Fantasy sports were born in the 1960s, but it wasn’t until the late 1980s and early 1990s that it developed into a national sensation.
“We have grown by 2 million people a year since the Internet took off in the mid-1990s,” Charchian said.
Today, fantasy sports participation tops 33 million people ages 12 and older in the United States and Canada. Charchian said the fantasy sports industry generates $1.44 billion annually in entry fees and prizes, and more than $1.63 billion in direct spending, including website-hosting fees, team T-shirts and subscriptions to magazines and websites catering to fantasy players.
Wynn Resorts Ltd. Chairman and CEO Steve Wynn has confirmed his intention to build a $1 billion hotel-casino in Everett, Mass., if he can obtain local approval, a Las Vegas-based gaming industry analyst said.
Union Gaming Group principal Bill Lerner said in a research report, “In addition, Wynn is already bidding for a license in Philadelphia, and typically prefers to develop two projects (at most) at the same time.”
Wynn Resorts also is developing its $3 billion hotel-casino complex on 51 acres on the Cotai Strip in Macau.
Wynn Resorts is vying with Suffolk Downs and partner Las Vegas-based Caesars Entertainment Corp. for the only casino license available for greater Boston. Caesars has proposed a $1 billion casino hotel at the racetrack in East Boston.
Boosters of a proposed $850 million domed stadium project on the University of Nevada-Las Vegas campus have mentioned an NFL Pro Bowl and NFL preseason games as potential events that would generate millions of dollars for the local economy.
But there’s only one problem. The NFL doesn’t appear likely it would stage a Pro Bowl event or sanction a game at the proposed “Mega-Event Center,” as officials for the University of Nevada-Las Vegas and their private development partner are calling the proposed 60,000-seat venue.