more feedsLet's all bet on the Plaza
It, looks like the owners of the old Plaza (Union Plaza- downtown) have made some expensive decisions. At the expense of their employees that is. It was reported today that 400 of the Plaza's employees will be laid off (some relocated) so that they can close all of the hotel rooms for renovation on November 11th. The rest of the public spaces (casino, restaurants, etc.) will be renovated in stages (while still open). The project is expected to take one year to complete.
The owners (Tamares Real Estate) are working on getting a $20-million loan to invest in the property. When they reopen, the hotels name will be changed back to Union Plaza, as agreed, so as not to be confused with the new "The Plaza", that Elad still hopes to build on the Strip.
Although the Plaza needs a makeover (badly), I fear it will just sit there like the Lady Luck. Our good Mayor hopes to make a deal with Tamares to allow egress from Fremont St. through the Plaza across the railroad to the new casino hotel in Symphony Park. That would be a win/win for the Plaza and for downtown.
Thoughts / Wagers...
The owners (Tamares Real Estate) are working on getting a $20-million loan to invest in the property. When they reopen, the hotels name will be changed back to Union Plaza, as agreed, so as not to be confused with the new "The Plaza", that Elad still hopes to build on the Strip.
Although the Plaza needs a makeover (badly), I fear it will just sit there like the Lady Luck. Our good Mayor hopes to make a deal with Tamares to allow egress from Fremont St. through the Plaza across the railroad to the new casino hotel in Symphony Park. That would be a win/win for the Plaza and for downtown.
So bet on RED (it will just sit there and rot) or BLACK (the remodel will go as planed and the hotel will be a success)
Thoughts / Wagers...
I would like to bet "Black" but "Red" seems more likely. It appears that they can lay off 400 employees in the name of renovation, and not get a lot of bad press.
It is to bad for the 400 people... 400 who will not be able to pay their mortgage.
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MAROON...The remodel will proceed, but it will likely be scaled back, reducing the degree of success in the future.
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My heart wants to bet on black as I'd love to see The Plaza return to it's rightful place as a centerpiece of the Downtown area, but considering it's recent past, the odds have to be trending toward red...
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Tamares will discover that 20 million does not cover a lot of renovation work--as CIM discovered with Lady Luck.... The owners of the Tropicana are getting some serious work done on their property--but they are tossing 150 million into it... Things are looking pretty reddish.....
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RED, as I cry in my beer. Even as dilapidated as it was, Plaza was still my favorite downtown. It might take me 3 trips to the front desk to get an acceptable room, but it eventually happened. Last week stayed at 4 Q's, nice room, but not the same having to run across the street to go to a pool.
Oh, we can hope I guess.....
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The dowontown and Fremont part do need to be updated. They need to do what ever can with whatever money they can get. It's better then nothing. The Plaza is another one in downtown that need a remodeling job done. The downtown needs to be a smaller sacle of the strip IF not as less casinos that look at as nice as those off the strip, but not at downtown like Red Rock Sun Station, Orleans and Green Valley Ranch Resort.
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WOW! The Plaza definitely needs a remodeling (enema) I stayed there one nite in July and the room was like staying at Grandmas house very out dated. The plaza is a center peice of downtown with a excellent location. It takes money to make money this ones gonna take a lot.
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I'm praying for black, but I'm betting red, VERY RED! I guess we'll find out before the end of the year what's going to happen as Tamares attempts to secure funding to perform their remodel. It's a shame that they'll have to close for a year (or more) in order to remodel, but judging from their current room rates I have to imagine they are already hemorrhaging money at least in the hotel and would cost them more in the long run to continue operating while renovating the property.
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