Clooney Rolls The Dice On Vegas

Actor Invests In Casino Complex He Hopes Will Have Old-Time Style

(AP) 

So far, Clooney said "Ocean's Eleven" co-star Brad Pitt and his other Hollywood pals have not committed to buying into the development. But he's hoping they'll come around.

"You bet, I'd love them all to be there. We've talked with Brad."

Burger said Pitt has seen the plans.

"We are entertaining having Brad design one of the buildings," he said.

Clooney said the project will include a movie theater suitable for holding Hollywood-type premieres. Clooney said he only had one real concern about spending a lot of time in Sin City.

"I worry about my liver," he said, jokingly.

This project is not a pipe dream, Burger said, referring to the dozens of high-rise condominium projects proposed in Las Vegas.

"The difference from being proposed and actually getting a shovel in the ground is vast. We have made a major commitment to Las Vegas," Burger said. The company's five projects in the city could total 35 million square feet and $13 billion if completed. They include the Icon residential towers, a mix-used project in downtown Las Vegas and another one with Centra near the Strip.

Related, the development arm of Related Companies in New York and the Related Group in Miami, already has partnered in building the World Market Center in downtown Las Vegas, a convention hall and mall for home decor designers, buyers and furniture industry insiders. Related Companies also built the Time Warner Center in New York City.

Centra is involved in a $750 million, mix-used project in Las Vegas called Town Square that has already broken ground.

Deutsche Bank analyst Marc Falcone said the Las Ramblas project will be very dense and likely will be built out over time.

"I'm not convinced that project gets built with all 4,400 units until we have a better gauge of demand," he said.

Falcone said Las Ramblas, the $1.7 billion W hotel and the Hard Rock's upcoming $1.3 billion hotel-casino-condo expansion all have one thing in common.

"I think the key here is you have a collection of credible companies and developers," he said. "You have three major projects with major financial backing. That can create a powerful demand."

Hard Rock President Kevin Kelley said he welcomed the competition.

"I think these sort of projects are very exciting. Having more quality projects in the city is very good for the city and the Hard Rock as well," he said. "(There's) a lot of action in the neighborhood."